Pricing directly affects marketing time a listing and whether it may sell at all. Pricing is important at any time but is even more critical in a buyers market. Below is advice on pricing strategies for properties in MA.
Take Into Account Market Conditions
Each local market is different. When you learn about statistics on television, those almost always reference nationwide averages. Your specific region might not match that generalization. A MA real estate agent can provide a comparative market analysis that details sales of comparable properties in your area and provide an estimated price range in which your property might sell. This range may vary seasonally, so avoid relying on outdated figures.
Refer to Factual Data
When viewing the market report, remember that it is a range. Where your listing fits within that range is contingent upon different factors and your preferred timeline. As a seller, it is common to feel a sense of attachment to a house and the repairs put into it. Unfortunately, not all home buyers will attribute similar value to the upgrades. Remember that it is rare to recoup the total amount of upgrades. Additionally, market values can be affected by foreclosures in the region, which are often sold at lower prices but are nevertheless treated as comparable houses. Market valuation is technically the price that a potential buyer is offering to pay for a home during a defined time. It may not necessarily be close to your expectations or be close to the initial purchase price of the home.
Pricing Strategies For Properties In MA
Listing too high can result in loss of time. If the real estate market goes down during that time, the property may in the end be sold for even less than it could have if positioned correctly to begin with. Furthermore, buyers generally have a negative thoughts about homes that have remained on the market for an extended period of time. This can be sometimes impossible to get past even if a home lowers in price at a later time. Pricing too high can be irrevocably damaging.
Some Additional Advice for Homeowners
If the current market value of your house is far too different than your expectations, it might be better to keep a close eye on the market changes and wait for the market to improve rather than overpricing and having little success for months or even years. If you must sell and need to do so in a particular time frame, choosing a price appropriate for the real estate market and competitive with current listings will be imperative to attaining your goals. Time and money are related and incorrectly pricing may be more expensive than you realize. For more information on pricing strategies for properties in MA, contact Jared Swanson at Keller Williams Realty.