Sellers - Pricing Your Home
Pricing Your Home
Sell It Fast & For More Money
You may have heard that there’s not much housing inventory in the Portland Metro Area right now, which means that prices for homes have gone up across the board. This is great news for you as a home seller! The timing is perfect for you to get the most return on your real estate investment. But even in today’s market, there are still homes that sit, waiting for an offer, for months and months.
This time spent on the MLS means that you’re still making your mortgage payments and you’re still not getting equity out from your home. Perhaps, even worse is what Buyers and Buyer Agents think about homes that have been on the market too long.
Remember how important first impressions are? The first impression a buyer gets about a home that has been listed for a long time in this hot market is this: “Something must be wrong with that home.”
That thought will scare away many buyers, and it’ll prompt the ones who remain interested to try to lowball you. But why are those homes still on the market in the first place? It’s because they are often priced “out of the market.” Take a look at the graph on the next page to see what we mean.
The intersection of price and preparation represents homes “In the Market.” These are properties that are priced competitively and prepared nicely, and these are the homes that will net the most money for their sellers.
As you move farther away from the intersection, the homes become too pricey or have condition issues which limit their value in the market. These homes show poorly, are priced over their market value, and will typically stay on the market longer, until they are re-priced more appropriately. Sometimes these homes ultimately sell for way under asking, or are taken off the market.
We will spell out a specific strategy to get your home prepared, priced right and promoted to get your home SOLD!
- Tara and Charlie Ellis
- Stacey H.