Which way is the wind blowing? Setting prices for quick sales

May 2nd, 2007

While the Portland real estate market may not be suffering some of the inventory and price-erosion problems as in other parts of the country, there are still some homeowners that need to sell quickly.

Home condition, curb appeal, and strong marketing are certainly keys to selling, but proper pricing is the primary motivating factor to entice buyers to act quickly. Pricing decisions purely based on backward-looking information (i.e. a review of comparable properties sold in the past 3 to 6 months) may be an incomplete picture of the true state of the market.

Are homes languishing on the market? Did homes sell for their list price or were steep discounts required? How much inventory has come on the market in the past month? How long are homes in the surrounding neighborhoods taking to sell?

My comparative market analyses are always accompanied by ‘market status’ sheet, showing active, pending, and sold properties in the same geographic area, with figures for length of time on the market and listed price vs. sold price.

Past performance is helpful, but current trends are just as important if you need to sell your home quickly. Here’s a convincing clip from Money Talks.

Technorati Tags: home, house, sell, advice, Money Talks, CMA, comparables, values

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Entry Filed under: National News, Selling Advice