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Price Your Home to Sell

Wednesday, July 21, 2010 posted by Tommi Crow

Without the Federal Tax Credit in play, today’s home buyer’s are finding little motivation to sign on the dotted line.  Mortgage rates have remained low for a long time.  Inventory is creeping back up, so buyer’s have little fear of price inflation.   So, what can a seller do to increase a buyer’s urgency to buy?  

The #1 way that seller’s can entice buyer’s and get their attention is  an aggressive price reduction.   As many as 24 percent of home sellers have slashed prices in the last month–that is a 9 percent increase from June levels.   And, seller’s should forget about small, nickle and dime price drops.   Instead, they should dramatically drop their price  to reach a search level that will open them up to new buyers that are not aware of their listing.  For example, if your list price is $220,000, a drop to $199,000 will attract a new audience that is searching up to the $200,000 price point.  

Bottom Line:  If you are sick of waiting and want to move now, price the house to attract multiple bidders and you might even get more than you’re asking for.  And remember…if you are selling your home to buy a new one, you will likely break even because the person you are buying from is in the same gut wrenching position you are.

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