Are you thinking of selling your home in the Greater New Milford, CT area? Pricing your home to sell is STILL key in this very fragile real estate market!
I heard something a few months ago that has stuck with me ever since. An agent offered an explanation of a significant price increase on a listing to another. The home owner was an elderly gentleman who instructed the agent to raise the asking price because the Wall Street Journal had said the economy is improving.
Certainly the sales in the area indicate a still declining market, and in this particular instance, the demand has been even lower than the average demand in the area. Apparently explanations to the homeowner fell on deaf ears. The Wall Street Journal said so. We can shake our heads, we can disagree, we can wonder what on earth what this gentleman was thinking. But… in the end, it is up to the home owner to decide pricing.
Look at what has sold and what is you current competition. Look at how long homes are sitting on the market. Sales are still down in the greater New Milford, Connecticut area. If homes sold are rising a bit month by month, the values are still down. It is a very fragile and very volatile market. We are looking at rising short sales and foreclosures. The experts are warning of a shadow inventory, and I am seeing signs this is indeed of concern to us. Many foreclosures have been stalled within the court systems here in CT because of rulings on the validity of MERS to transfer mortgages. And now, Connecticut has added an automatic 6 month delay on foreclosures!
Raising the asking price on your home or over-pricing your home will ensure a sale, however it will be a sale on another home that is well priced considering location, condition of the home and market conditions! It will not sell your home.
In such a turbulent real estate market, what should you do to try and get your house sold?
- Price according to location
- Price according to condition
- Price according to the local market
- Clean it up
- Spruce it up
- Make it available for showings
Make sure the Realtor that you pick is using all available marketing tools to get your home out to the widest audience possible. As you clean up your house and get it ready for showings, your agent needs to make sure the marketing they are doing is cleaned up, spruced up and hitting the widest group of people possible.
For more information on what I can do for you to get your house sold in the Greater New Milford, Connecticut area, give me a call or send me an email. We can discuss my detailed marketing plan that reaches the widest range of people in the shortest amount of time, highlighting your home in the best light possible.
Originally posted at: New Milford CT Real Estate, Selling Your Home in a Fragile Market
c Andrea Swiedler 2011