Myth #1: Pricing your property high equals a high return
The potential revenue may be alluring but a buyer’s agent will likely know when a property is overpriced. Overpriced properties have a greater chance to sit on the market longer and can lead to future problems as Myth #2 describes. Listing at an appropriate price can lead to a quicker and easier sale which is especially beneficial if you’re purchasing a new home.
Myth #2: It’s no big deal to lower the price later on an overpriced home
Homes that stick around on the market and/or have had multiple price reductions can be a red flag for buyers. Buyers may infer that there must be something wrong with the home and could cross it off their list or make an offer lower than the asking price.
Myth #3: Pricing a home low means making less
Pricing your home on the low end can be a good strategy to yield a lot of interest. A lower priced home could lead to a bidding war which can ultimately drive up the price and encourage buyers to submit offers with favorable terms for the seller.
Myth #4: A past appraisal can determine the right list price
A previous appraisal from when you bought or refinanced your home is not a reliable source for pricing your home. An appraisal determines the value of your home based on market conditions at a given point of time. Since the market changes constantly, an appraisal only a few months old can be inaccurate.
To determine a realistic price of what your home could sell for in the current marketplace, it is advised to have a local realtor prepare a comparative home market analysis. The market analysis will reveal the price range that similar homes are listed at and what other similar homes have recently sold for. To receive your complimentary comparative home market analysis, please contact us.
Finally! Spring has arrived in Wisconsin
You may have heard Harley riders revving their engines, seen your first robin, and smell your neighbors grilling again. Now it’s time to spruce up your home and yard for the season. Here are some reminders and great ideas to freshen up and get ready for Spring.
The housing market in southeast Wisconsin continues to look good in 2018. The driving forces in today’s market are solid buyer demand, limited inventory and first timers ready to buy. According to recent housing statistics published by the Wisconsin REALTORS® Association (WRA), the number of home sales between December 2017 and February 2018 was 15.8% higher than just 5 years ago. They went on to report that this winter had record high sales since they re calibrated their data system in 2005.
Home sales in January grew 3.5% and the median home sales price increased 4.9% compared to January 2017. The number of home sales in February was over 7% higher and the median home sales price was up 6% compared to February 2017.
As we approach the 2nd quarter of the year, the real estate market is anticipated to become livelier with more home sales and higher median sales prices. Naturally, a livelier market denotes more competition for home sellers and buyers. A good way to try and get ahead of the competition is to begin house hunting with a realtor from the start, since they are the first to know of new listings that hit the market and may know of upcoming listings that are not made public yet. With the way the market is right now, buyers must be ready to act quickly.
Whether you’re looking to buy or sell, it is highly encouraged to work with an experienced realtor to help navigate you through today’s aggressive real estate market.
To discuss your real estate needs contact us online or call our office at (262) 567-3611
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