You have made the decision to buy or sell. How do you go about setting the correct asking price? How do you know how much to offer for a property for sale? This is where the expertise and guidance of an experienced REALTOR (c) is invaluable.
As a seller, keep in mind that your home will draw the most interest when it first hits the market. If you are competitively priced from the get-to, you will attract genuine qualified buyers. Overprice and the knowledgeable buyer will wait until the price comes down - if they haven't purchased a competing, properly price home in the meantime! Yes, your overpricing just help to sell your neighbor's home!
Your REALTOR© will show you homes currently on the market, those recently sold and pending, and those that did not sell, referred to as "expired listings." From the data you should be able to glean where you fit into the picture. Examine list price vs. sales price, number of days on the market, type of financing and/or seller concession, etc. What are the numbers telling you?
As a buyer, you too will be using this data to determine what to offer. Your agent will be able to provide you with the "market history" of the individual property. How long has the home been on the market? Have there been price reductions? If so when and how by how much? What is the seller's reason for selling? If it's priced right and has what you're looking for, don't hesitate. Even homes that have been on the market for extended periods of time can suddenly become hot commodities when priced right. You could even end up in a multiple offer situation and run the risk of losing the home of your dreams.
While we all know that buying and selling real estate can be packed with emotion, it will be a win-win for both buyer and seller if everyone does their homework.
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