Deciding on an asking price for your home is challenging enough these days, but you need specific pricing strategies for particular scenarios, especially if you’re under pressure to move quickly or your home isn’t selling after being on the market for several months. Here are suggestions for both situations.
If you’re facing a deadline due to job relocation or other reasons, then you need to price competitively, even more competitively than expected in today’s market. You’ll need to list at significantly less than your competition. Think 15% less. That may seem tough to stomach, but it’s better than continuing your monthly loan payments or the hassle of trying to find tenants to rent your home.
If your home has been listed for some time, but not generating interest, you’ll need to lower your price. Of the three elements that sell a home – price, location, and condition – price is the one you’ll have the most control over.
If home values have declined in your neighborhood, the price you originally listed at a few months ago may now be too high and out of line with comparable listings. Now would be the time to have your real estate agent prepare a new Comparative Market Analysis (CMA) and reevaluate your pricing strategy. If you’ve got to sell, and sell now, price it like you mean it.