In the world of Real Estate it has always been important to price your home right when putting it on the market. But in today's market, where things are selling at market value and not at inflated prices caused by the home buying frenzy, it is even more important. In the article in the Seattle Times, 'Overpricing your home can end up being costly', they take a look at a research by a New Jersey appraiser named Jeffrey Otteau on this topic. He found that overpricing your listing not only creates a longer market time but it also means you will end up selling your home for less. Those homes that are priced realistically off the bat are selling and are selling for more money then those that are priced too high. In other words, his research shows that "sellers who "test the market" with a high price usually end up with a lower price than those who price realistically."
Ottenau "looked at houses that sold in less than a month and found that they had a median asking price of $599,900 and sold for almost full price — a median of $599,000. When he looked at houses that lingered on the market for more than a month, however, he found they were priced higher — at a median of $634,900 — but actually sold for less, a median of $585,000" according to the Seattle Times article.
In this market where not overpricing is detrimental to the sale of you home, it is important to consult a real estate specialist when considering putting your home on the market. Specialists know how to price your home right using comparable sales and market knowledge to guide them.
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