Buyer’s market or seller’s market – the simple fact is that your home is worth only what a buyer will pay for it and hopefully the appraiser agrees!
The simple law of supply and demand usually determines the final sales price. When there is a glut of homes for sale, buyers have more choice and more power in determining price and terms, creating a buyer’s market. If there are fewer homes for sale in your area, then buyers must compete for those listings, making is a seller’s market. Fortunately for the local sellers, we have a seller’s market and we haven’t seen one in our area for several years!
So, if your home is to get attention in either of these markets, you’ve got to price correctly against your competition. Do not overprice your home, because you may end up making even less money than if you had priced properly from the start. Why? Because sellers who overprice have to keep chasing the market down by reducing their price. Do you know how to stop a ball that is rolling down a hill? You have to get in front of it to catch it. It’s the same in real estate. Price your home in front of the market and you’ll “catch” a buyer.
While setting a price is ultimately your decision and your decision alone, do listen to your real estate professional’s advice. You want to set a realistic figure for your home’s value. If you choose not to conform with the current market value for your home, then you won’t be a seller, you’ll just be an owner with a “For Sale” sign in your yard.
Contact the Kathy Henne Team RE/MAX FINEST by calling (937) 778-3961.