While still very buoyant, our local real estate market has seen a change in dynamics in recent months whereby buyers find themselves in a stronger negotiating position.
This has occurred due to a market correction that followed reports of home prices rising at roughly double the pace of wages.
That situation was, of course, not sustainable and, although still highly motivated, buyers are consequently now looking even more closely at value for money.
If you're currently selling, or are about to, this means that pricing your home competitively is even more critical.
Here are some common mistakes to avoid:
Asking too much at first - Some sellers like to aim very high with their initial asking price. This leads to their home looking much more expensive compared with similar properties and leads to greatly reduced, or quite possibly zero, interest from buyers. As mentioned earlier, buyers are now extremely price sensitive, so it is imperative that your property is priced "in the market".
Over-reliance on generic home price estimating websites - Let's face it, we all take an occasional look at our home's estimated value on the various generic home pricing websites out there. While these can provide a very, very rough ballpark idea of price, they are by no means accurate and, because of the way they are compiled, are based on historic and not current market information. These estimates also cannot take into account any special features of your home in the valuation, or indeed its current condition, simply because they have no way of knowing about them.
Totally basing your price expectations on other local sales - Condition is critical to how realistic your asking price is. Prices recently achieved by other sellers in your area are an important consideration, but they are only a true guide if your home has a very similar feature specification and condition. It follows, therefore that your home could in fact be worth more or less than what others have sold for.
Hiring the wrong real estate agent - All the above pitfalls can be easily avoided by hiring the right agent. A first class agent will have an intimate knowledge of current market conditions and where your home positions in the market, relative to others that are available and what's happening with buyers at the moment.
Here at the Bryan Burnett Group, we conduct multiple sales each month and talk to qualified buyers every day. This gives us a very in-depth understanding of market dynamics. We can visit you to carry out an extremely thorough pricing assessment that ultimately puts you in the best position to achieve best price in the shortest possible time.
Why not contact us today for a free, no obligation valuation and informal discussion of how to get the very best returns.