How to Sell Your Home Quickly in Today's Market 

If you are considering selling your home soon, but are fearful due to the decline in the housing market, understand you're not alone. How can you avoid putting it on the market and running into the scenario where you continually drop the price time and time again? The answer is simple...position it correctly on the market initially and if it doesn't sell in quickly, reposition the price with a dramatic price drop. 

We understand no sellers want that advice. Most want to put their house on the market for an aggressive price and hope buyers will bite. The problem with that strategy is that the key part of it is "hope" buyers bite. This market presents itself with the obstacle of more housing inventory and, in the age of the internet, buyers are very savvy & informed with what's going on.  

Lets say for instance that you want to sell your home for $300,000 but it may actually be perceived to be worth $275,000 due to recent sales and market conditions. You may receive a few showings at first, but they will quickly diminish. After the first month or two, you drop the price $5k to $295,000. Ask yourself this, "What's the incentive for a buyer to then look at your house?". In other words, the same buyers who can afford it at $295,000 can afford it at $300,000. Well, lets say it still doesn't sell at the new price and over the course of the next few months you reduce it in several more $5k increments and we are now at the price we should have started with; $275,000. Great, but at this stage, the market may have passed you by and now the market perceives your home as being overpriced again. You are, in essense, playing catch up again. Additionally, you may get a buyer who likes your home, but sees that it has been on the market for quite some time, so they will attempt to negotiate you down from where you probably should have started. You are now fighting time lost on the market. 

The whole point behind a price reduction is to reduce it to a price point where it is then exposed to a whole set of new buyers who might not have been able to afford it at the original price. It is much better to reduce it in one large chunk then in smaller chunks over time because of that time lost in which the buyer will use as leverage thinking that you are more motivated. 

Overpricing is currently part of the problem with the oversupply in existing homes. In fact, according to "Price is Right: How to Sell Your Home Now" on CNBC.com, a survey conducted by Zillow.com discovered that "62% of homeowners believed their home had appreciated or held steady in the past year, even though 77% of US homes lost value in that period". It is this still ongoing disconnect between buyers willingness to wait & sellers perception of the market value of their home that is contributing to the oversupply of homes. 

By holding on to a higher price for a longer period of time, maybe you get a slightly higher sales price, but consider the carrying costs you incurred over the length of time you held on longer. Naturally, we feel like when we reduce the price, we are "losing" money, but in reality, homes are commodities that are only worth what a buyer is willing to pay. If they are rejecting the current price, then there is nothing there to be lost. Also, consider intangibles such as the stress and inconvenience having your property on the market for a longer period of time can incur.  

It is important to have a plan when selling your home and be proactive with it. The goal is to get your home sold, not go fishing. 

Thanks for taking the time to read this and please don't hesitate to contact us, anytime, with any questions.  

Buyers Want Your Home for As Little As Possible. Quickly Find Out What It's Really Worth, by Email, for Free. 

Are you thinking of selling your Owings Mills, Reisterstown and Westminster home? You should know exactly what it's worth before making such an important decision. 

Let us do a quick "Comparative Market Analysis" for you, for free, and with no obligation. Also known as a CMA, this analysis compares your home to others that are currently on the market and to those that have recently sold. 

As top REALTORS®, we determine the value of Owings Mills, Reisterstown and Westminster, Maryland area homes daily. Using the information you provide below, we can perform a quick market analysis, and give you a free estimate of what your home is worth in today's market. 

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