Find out the condition of the Real Estate market
It is important to know the condition of the current real estate market in your area in order to price your home accordingly. If you don’t take the current market conditions under consideration you run the risk of having your home on the market for a longer period of time and possibly selling it for less. Overpricing your home may result in a potential buyer eliminating your home from their list because they assume you will not accept a lower price and will move on to a property that they feel is more realistically priced. Your realtor can advise you on the current real estate market conditions.
Sellers Real Estate market
In a sellers real estate market the prices are surging upwards and there is a scarcity of properties for sale. This is the best time to sell your property. You can price your home higher than most recent comparables because of the shortage of product. It is important to remember however that some properties may still take longer to sell than others. This may include revenue properties, some condominium complexes and high priced executive homes.
Stable Real Estate market
In a stable real estate market there is usually an ample selection of homes so you will want to price your home competitively. The best market strategy is to price your home slightly lower than your nearest competition.
Buyers Real Estate market
Generally in a buyer’s real estate market the prices are decreasing so it is advisable to price your home lower than similar properties. If you price it too high you may be continually adjusting the price but only after all your competitors have adjusted their price.