Pricing is directly related to the length of time it takes to sell a listing and whether it will sell. It is crucial at any time but is particularly critical in a buyers market. Below is advice on pricing strategies for listings in MA.
Take Into Account the Real Estate Market
Every real estate market varies. Whenever you see facts on television, those commonly refer to national averages. Your specific area can be much different. A MA real estate agent can prepare a market analysis which assesses sales of similar listings and provides a reasonable price range for your property. This amount can change seasonally, so avoid referring to past figures.
Be Realistic
When viewing the market figures, understand that it is a high and low end. Where your property should be in that range is contingent upon several factors and your desired sale date. As a home owner, it is normal to be proud of a home and the repairs put into it. Unfortunately, not all potential buyers will assign equal value to different amenities and upgrades. Expect that you will not receive back the full dollar value of upgrades. Additionally, market prices can be impacted by short sales in the region, which are typically listed at lower prices but are nevertheless treated as comparable listings. Market valuation is defined as the price that a home buyer is willing to pay for a property at a particular time. It may not actually match your requirements or resemble what you originally paid for the home.
Pricing Strategies For Listings In MA
Pricing a property too high will lead to valuable time being lost. If the market goes down during that timeframe, the home will actually sell for even lower than it would have if positioned fairly from the start. Additionally, home buyers commonly have a negative perception of homes with lengthy market times. This is difficult to overcome even if a listing reduces in price at a later time. Overpricing does more damage than good.
Some Extra Advice for Homeowners
If the current market value of your property is extremely different than what you are ready to accept, it may be better to watch the pricing trends and wait for prices to improve rather than pricing high and having little success for a lengthy period of time. If you must sell and need to do so within a defined time frame, selecting a price reflective of the real estate market and competitive with other homes will be crucial to achieving your goals. Time and money are related and incorrectly pricing can be more costly than you anticipate. For more tips on pricing strategies for listings in MA, contact Christopher Graves at Emery Federal Credit Union at 978-376-5389 or christopher.d.graves@gmail.com.
