Real Estate Market

 After more than 15 years as a licensed New York State Realtor, I constantly stress to clients, customers and/or prospects in the field of real estate, especially home (residential) sales, there is no - such - thing as one - size - fits - anything when it comes to using the best - possible - sales/pricing strategy! Times, market conditions, the current real estate market, the overall economy, supply and demand, etc. are some of the things that affect the price of a home to sell! We should remember that there is a significant difference between the list price and what it ends up selling for, so the better we understand some of the options and proceed with an open mind (no greed, etc..), the better the results, in most cases! With this in mind, this article will attempt to briefly consider, explore, evaluate and discuss what it means and represents, why it matters and what they are.

1. Price Based on a Professionally Designed/Created Competitive Market Analysis (CMA): I firmly believe, in most cases, the smartest way to price a home is based on a professionally designed and created Competitive Market Analysis (CMA). By comparing the property in question to those most similar in a particular location/region/area, it gives a true picture of what potential buyers have been willing to pay recently! However, when local real estate markets change dramatically, either up or down, this must also be taken into account when creating a listing price that produces the most desirable outcome, which is the highest possible price for most, in the shortest amount of time, with the least amount of hassle / of stress!

2. Aggressive/High Pricing: When a home is listed at what appears to be an extremely high price, many refer to this as aggressive pricing! The best time to take this approach is during times like the one we witnessed last year, when home prices continue to rise, and at a significant rate!

3. Mid Price Range: During so-called normal times, many prefer to use a mid range price strategy! This means evaluating the market analysis and offering a property for sale somewhere in the middle of that range!

4. Lower Bound: Conditions and situations where a lower level pricing strategy may be indicated include: when the seller needs to sell as quickly and as quickly as possible; when the home may lack some of the most preferred characteristics/inclusions that the competition has; and/or to encourage more viewers!

5. Look for a Bidding War: There are times when either a particular property, a set of circumstances and/or conditions make it an opportune time to encourage a bidding war! This is usually done by posting a lower than usual asking price with the hope that this will bring in more genuine, potential, qualified buyers and therefore more acceptable offers!

The key to selling your home is knowing what you need and want, understanding current market conditions, hiring the best real estate professional for your needs, and more! Since for most the value of one's home is their single largest financial asset, doesn't that make sense?

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