There are many reasons to feel pressured to sell, be it a job transfer, family medical issues, or financial hardship. This is when you face cold hard facts about your home’s value and what you can expect to net from your sale. Understand that what you paid for your home years ago has no relevance today, and a buyer won’t pay a premium price simply because that’s what you owe. I have never met a buyer yet who is willing to pay over market value for a home because the seller refinanced to pay off their credit cards or to buy an ex-spouse out of the house!
If your home is now worth less than what you still owe, it may be time to call your lender and arrange listing as a “short sale.” Your lender may indicate the lowest price they’ll accept, and you can begin your aggressive marketing. A short sale will blemish your credit rating, but not as badly as a foreclosure would.
If you’re not experiencing such financial hard ship, but still facing a deadline to sell, then you need to discuss the market comparable that your agent provides for you, and price your home at or below the average sales prices. That’s “sales” prices, not “listing” prices. “Expired” listings educate you about the prices for which homes did not sell under any circumstances, so pay attention. These are homes that the market rejected because of their price, condition or location.
Realize that a home priced just under the market will seem like a bargain, and attract more interest with qualified buyers. It’s always better to sell for a bit lower sooner than have to reduce your price and sell for a lot lower later!
Contact the Kathy Henne Team RE/MAX FINEST by calling (937) 778-3961.