Homes are going to be sold in good markets and bad. When times are good, people often forget that bad times will be coming eventually. During good times, people often get caught up in the hype of the real estate boom. During tough times, houses will be sold eventually, or taken off the market and sold later. If you need to sell the home as soon as possible, for financial or other reasons, you will have to adjust your price with the current market and don't get greedy.
This is the hardest thing for most people to do, lower the price of their home in order to sell it in a slow real estate market. Don't get caught up in the value of your home, six months or even a year ago. Last year's prices are not going to be this year's prices and you need to get that through your thick skull. If the average homes in your neighborhood are selling for $250,000 and you have a swimming pool or done some upgrades, maybe a room addition. Your home is going to be worth more than the average selling price.
Most real estate professionals will price your home according to the length of time you have to sell it. If you're in a hurry to sell, they don't have time to test the market. The price of your home would need to be competitive or lower than homes selling in the area. Whether homes are selling fast in a good market for selling slow in a bad market, if you have time, you can ask a little bit more for your home. If the market hasn't reached the bottom, waiting could actually hurt you, because the prices of the homes in the area would still be dropping.
Listen to your real estate professionals advice when pricing your home. That's what you're hiring them for, they are in the real estate business. Your neighbors, relatives, friends and people you work with, will probably be guessing if you asked for their opinion on pricing your house.
Your house is only worth what someone is willing to pay for it. Finding that person is the key to selling your home, finding that person as soon as possible could give you the illusion that you sold your home to cheap. Don't worry about it, your final objective is to sell the house.
Greg Vanden Berge is working on the internet to promote the education for creating simple to follow guides and home building books to help professional building contractors as well as the weekend warriors. He has just finished a home buyers guide to take some of the frustration out of home shopping.
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