For What it's Worth or For What You Deserve?

Overpriced homes will remain on the market and eventually add to the days on the market (DOM) and usually the "expired" statistic. This makes the overall reports appear that inventory is not moving or that it is moving very slow, when in fact this may not be the case. Well-priced and well-presented homes ARE selling, here in St George Utah, property can sell in a matter of days, sometimes even generating multiple offers! (And they say those days are over?  Not here!)

Of course, it is human nature to desire the maximum amount for your property (even if the maximum amount was from 2 or 3 years ago). Consider your market conditions and evaluate (with a real estate agent) the comps that have sold in your area over the past COUPLE OF MONTHS. Listen to your agent, as they will keep the emotions out of the process. Price your home LESS than the last few that have sold and of course you must have your home showing at its best (if not, you’ll see a "sold" sign on your neighbors home instead of yours). Rather than dwell on what you could have received for your home, price your home competitively and recoup your loss on the next home you plan to purchase. Sure, you could have received $60,000 more for your home 1 year ago, but that home you plan to buy was most likely $60,000 more than you will pay now.

Align yourself with a Buyers Agent who offers strength in negotiation. Cut your emotional losses on your current home and obtain an even better deal on your next home. Technically you will be saving in the long run…less mortgage & interest and less commissions to pay your agent. Rather than dwell on what you could have had why not consider what you can still achieve. The longer that you keep your overpriced home on the market will only prolong the inevitable. The longer it sits, the more you will lose, unless of course you wait long enough. After all, when the housing bottomed in the 80’s and 90’s it eventually made a great comeback. How long will you plan to wait?