Tips, Trends and Tales from a Pro
Viewing entries tagged
Proper pricing
My children say I send the same message in each monthly column: price realistically and collaborate with a professional broker to help buy or sell your home. Undoubtedly, the transaction represents a significant portion of your net worth, so why even consider shortchanging yourself
If you’re a seller today, proper pricing is more important than ever. While it’s tempting to sign on with the broker who says your apartment can fetch a higher price than other broker estimates, expectations need to be real and achievable. When agents overprice properties—or when sellers fail to heed conservative pricing advice—valuable time is lost as the real estate sits on the market only to be ignored and ultimately discounted. Some sellers get no respect.
Prices are up, but so are anxiety and disappointment. For every accepted bid, there are probably three also-rans. With Wall Street bonuses higher this year than last by nearly 40%, and apartment inventory still shrinking, demand for quality apartments continues to exceed supply. In the current, heated market that’s rife with record breaking highs, here is some food for thought.
With each new month of 2004, sellers have been enjoying an increasing advantage. Clearly, we are in a rising market, and the pace of activity is fast and furious for property owners on the east and west side, up and downtown. Competitive bidding is becoming the norm. However, not every property is rushing out the door to contract, and we are experiencing a fair amount of buyer drop-out. Therefore, today’s sellers are cautioned to curb your enthusiasm.
