Pricing is directly related to the time frame for selling a property and whether it will will sell at all. Pricing is especially critical in when there are a lot of listings on the market. The following is advice on marketing Florida properties to sell in a down market.
Recognize the Real Estate Market
Each real estate market varies. When you hear facts on the news, those normally refer to national averages. Your specific city may be dramatically different. A local real estate agent can provide a comparative market analysis on your home. This compares recent sales of similar homes and produces a reasonable price range in which your home may sell. This value may be different based on the time of year and recent sales, so avoid referring to old information.
When viewing the market report, remember that it is a range. Where your home falls in that range depends on the competition and your target timeline. As a home owner, it is typical to feel a sense of attachment to your property and to the work that you have put in. Unfortunately, not all buyers will assign similar value to the features and amenities. Expect that you may not attain the full amount spent on upgrades. Additionally, home prices may be affected by bank-owned homes in the area, which are traditionally sold at dramatic discounts and are still considered comparable properties. Market value is defined as the price that a home buyer is willing to pay for a property at the current time. It may not necessarily match your expectations or be close to the price at which you purchased the property.
Marketing Florida Properties To Sell In A Down Market
Marketing a home above the reasonable range will result in valuable time being lost. If the market condition decreases further during that time, the home will usually be sold for even less than it would have if positioned correctly to begin with. Furthermore, buyers tend to have a negative perception of properties that have been on the market for a long time. This opinion is nearly impossible to overcome even if a home reduces in price at a later time. Pricing too high causes more harm than good.
A Little Advice for Homeowners
If the market value of your home is dramatically different than what you are willing to sell for, it may be better to keep a close eye on the market and wait for prices to improve rather than overpricing and letting it grow stale for an extended period of time. If you must sell and must do so within an exact period of time, choosing a price appropriate for the real estate market and competitive with other homes will be imperative to achieving your goals. Time is money and overpricing may be more expensive than you expect. This information on marketing Florida properties to sell in a down market was compiled by Sonny Solomon at The Keyes Company.