Pricing Your House Correctly

It could have been the lack of a 'true' winter or just the educated buyers wanting to take advantage of the historically low interest rates but the beginning of this year has been extremely busy for our buyers and sellers.

As the most successful real estate company in New Jersey, the U.S. and yes, the world, we are the grateful recipients of updates throughout the country on pricing trends. You might not think that pricing trends apply to you but a good professional will do their homework on what the market is doing in not only your area, but in areas that are sending buyers out here.

For example, if we know of companies that are transferring employees to our area, or the greater New York area, as is currently happening, we study the pricing trends of the sending locations to better assist these transferees in their expectations; lifestyle, location and pricing. This information is imperative to have in our company so that we may better serve our sellers and buyers, alike. Our trained professionals are consistently coached to have not only marketing expertise but most importantly, pricing expertise.

Recently we met with sellers who disclosed that they were told to 'underprice' their property in order to create a bidding war. This is archaic thinking from the early 2000's and you create a tremendous disservice to yourself when you strategically place your property on the market his way; whether through a professional, or on your own. Whether the words were 'testing the market' or 'shocking the market', it is a strategy that benefits you, the seller, the least.

Back in those years, buyers were genuinely involved in bidding wars and so anxious to find a home that they blatantly overpaid but now that those buyers have become 'sellers' I would strongly caution you to stay away from this level of thinking as you might be leaving equity on the table, all for the sake of a quick sale.

Now, this doesn't mean that you shouldn't get in depth information from a professional on the correct pricing 'bookends', so to speak, on where and how you should position your home. These facts might prove that your home is truly worth less than you had planned. You also might be pleasantly surprised that the conversation down at the coffee shop of doom and gloom in real estate really doesn't apply and learn quickly that your house holds more value than you thought.

Even if you are planning on selling yourself, we are eager to assist you in proper pricing as it affects your fellow neighbors, and your next move. We can assist you in going through market trends, the latest sales and more importantly, what appraisers are looking for when they finally appraise your home, after you have secured a buyer.

Both over pricing and under pricing can cost you valuable time, not to mention real dollars that can be realized. Your goal is to get your home sold but it is important that you understand time frames, tiers and plateaus for marketing.

In a former blog, I addressed proper staging for shelf positioning, which is an important aspect of selling. That, and so many other market strategies, are imperative to a successful sale but on the top of that list, make sure you consult with a few professionals and be wary of those who might suggest you over price your home but also those that suggest you under price your home. We can help you navigate the waters of getting your home priced correctly and staged properly and if you choose to use a professional down the road, should your efforts to sell on your own not come to fruition, we're a phone call away.

Take advantage of this robust market by consulting with a professional; at least your decision will be a well informed one that might help you plan that addition, redo that kitchen or move on to something that suits you better. Regardless, a yearly market analysis is always good advice for anyone owning a home.

Happy Spring!
www.janenardia.com