Belinda wrote this about Colorado, but it remains true all over. Buyers recognize value. They're not looking to pay more than a house is worth.
If You’re Not Getting Showings You’re Priced TOO High
The Colorado real estate market is HOT! There is still a shortage of inventory even though sellers are slowly beginning to list their homes for sale. This equates to a Colorado Seller’s Market but that doesn’t mean you can grossly over price your home.
Many sellers currently think they can add $10,000 to $25,000 to the fair market value of their home just because the market is hot. That is not the case. Buyers and their agents are savvy enough to avoid the over-priced listings altogether. They know that the sellers aren’t really motivated if they are just throwing a sign in the ground to see what happens and they know those sellers will be difficult to work with through the entire transaction. Most cases, these type of sellers refuse to do any repairs to the home at inspection time (especially if they accept a less than full price offer for their home).
If you price it right – it will sell. And I’m not talking about months on the market. Well priced homes are selling in a matter of days and sometimes hours.
This is the time to hire a professional real estate professional who is familiar with your area and trust them when they tell you what your home would sell for in today’s market. Another option is to hire an appraiser and have them to do a full blown appraisal of your home.
And remember – your home is only worth what a buyer is willing to pay for it.
No matter how you spend your day, come home to this
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ABOUT THE AUTHOR: Graduate REALTOR Institute
Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
Specializing in Lifecycle Real Estate Transitions
©Jill Sackler 2010