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Uncategorized | 16 Posts
December
27

Pricing your home

Homeowners tend to overprice their homes slightly even in the best of times. But in today's real estate market, many homeowners won't accept the extent to which the value of their home has fallen since they bought it. That even applies (to a lesser extent) to those who bought before the price run-ups from 2002. Unfortunately, overpricing your home will usually make a tough situation worse.

Buyers don't care whether you take a loss on what you paid for your home. While it's totally understandable that you do care (a lot), the price you paid should not be the determining factor in establishing your selling price.

If you owe more on your mortgage than your home is worth ("upside down"), that opens up a whole new set of problems for you and for potential buyers. No one likes dealing with a short sale, but sometimes there's just no choice. If your circumstances dictate that you absolutely must sell, then you must deal with current market trends.

On average, a home that experiences a listing change due to unrealistic initial pricing takes longer to sell, at more of a discount, than similar properties that are priced right the first time. Make sure your initial asking price is realistic, based on objective valuations for similar homes. It isn't easy or necessarily pleasant, but an experienced real estate agent can help you make the right decision for your circumstances.

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