Seller Tips: February 2008 Archives
In a declining market if you don't price your house ahead of the market you will always be overpriced until the market bottoms and comes back up to meet your price or until you price it ahead of the market. Until you get ahead of the market you don't sell.
While I was researching for another property I came across a property that sold recently and it's a great example of a property that trailed the market down.
The property was first listed for $559,900 on 7/14/05. Over the next two years there were price reductions on the property at regular intervals. On 11/8/2007 the price was reduced to $384,000 with the property having an accepted offer on 12/5/07. The property closed on 1/10/08 for $360,000.
Ouch!
In a declining market your home is losing value everyday and if you don't adjust quickly and correctly you will be constantly overpriced even as you reduce your asking price.
While I was researching for another property I came across a property that sold recently and it's a great example of a property that trailed the market down.
The property was first listed for $559,900 on 7/14/05. Over the next two years there were price reductions on the property at regular intervals. On 11/8/2007 the price was reduced to $384,000 with the property having an accepted offer on 12/5/07. The property closed on 1/10/08 for $360,000.
Ouch!
In a declining market your home is losing value everyday and if you don't adjust quickly and correctly you will be constantly overpriced even as you reduce your asking price.
