Chasing Your Tail Will Only Make You Dizzy

from Not Your Daddy’s Home Selling Tips on www.yourvalleyproperty.com

Home Seller Tip #8 – Chasing Your Tail Will Only Make You Dizzy

Do not chase the market down! I cannot say this enough… do not chase the market down! Setting your price too high and waiting for the market to catch up, setting it too high because you’ve put a lot of money into your home,

overpricing because your neighbor or your hair dresser or your cousin said that’s what it is worth, or because that’s what it was worth last year, are all very bad ideas. Indeed, even pricing at current market value has backfired on occasion. There is no predicting with any certainty, when the market will fluctuate. You can only act on the information available to you today. Having said that, there is something you can do decrease the likelihood of chasing your tail. If showing activity is low or non-existent, if offers are not up to your expectations, anticipate a market variation and adjust your price accordingly. If you wait too long to do this the values may be at their next rung down and you will again be priced higher than your competition. Appraisers are acutely aware of market fluctuations. Not only will buyers balk at choosing the overpriced property but a lender will not approve a loan that exceeds appraised value.