Chasing the Market? Stop Running…..Tuesday, October 27th, 2009
Have you ever heard the phrase “chasing the market”? This is a well-known phrase in the real estate industry, especially, in today’s market. Some homeowners cannot accept the fact that their home is not worth what is was a few years ago. Although they list their house for sale below what they think it should be, an underlying current persists, preventing them from accepting the true value at the present time. On numerous occasions, I tried to explain to sellers that if they price the home for sale correctly, based on current market conditions and closed sales, the sale will take place quicker and the seller will realize more than if they list high and “chase the market” (downward, that is). What sense does it make to list a home for sale at a higher price and then reduce the price 30 – 60 days later to where it should have been in the first place. By the time you reduce the price the market has declined and now the price is not what it was 30 to 60 days earlier. Here’s some statements I get from sellers: “I can’t sell for that, I’ll have nothing left and then what am I going to do?”…..”I just lowered the price $50,000″…….”I don’t care, the house is worth it, look all that I have done to this place”.
Don’t get caught “chasing the market” – you will lose in the end. If you are a serious seller and need to sell, price the house at the correct value and you will be a “winner”. Contact me for a “right price analysis”.