Problems With Over Pricing Your Home in Carroll County in 2014

Setting the list price for your home here in Carroll County this year is going to be critical. The Real Estate Market is getting ready to take off and you don’t want to be over looked.

The late winter snows have slowed things down here in Carroll County. Cabin fever is giving way to Spring Fever, as pent-up demand for nice homes that are turn key ready are going to be a driving force. In my earlier post I showed how prices are up, across Carroll County. Even in the Northern end, and really up in the Southern end. But you have to price it right to get buyers to 1) visit your home and 2) make an offer! The first 30 days of a listing is when your most qualified and ready to go buyers will view the property.

Why do Sellers over price? Emotion followed flawed logic. Here are some common reasons I have run across: ” I’m not giving it away!”- We need to “leave room to negotiate”- ” I need $XXX amount from this sale to move on.” And the one thing I’m finding more of, as the market has been turning around, the Sellers bought the home at the top of the market in the mid 2000′s, put little money down and are now trying to move on. Who sets the ultimate value for a property? A buyer who is willing and able to not only make an offer but is qualified to get the transaction to settlement. Values are going up, but here in Carroll County, we haven’t fully recovered from the peak of 2007. The Buyers will let the Seller know if it is over priced, how? by not showing up to view the home and no offers coming in the first 30 days. Once an offer is agreed to, 90% of the time the buyer will be borrowing money from a lender who will not lend until a full appraisal of the home and property is done. If it doesn’t appraise, it doesn’t sell. Make sure your Listing Agent is watching similar nearby properties to see if they are going under contract before yours does. That could be an “over pricing” sign.

To the Buyers out there looking in Carroll County- make sure your Realtor does a  Competitive Market Analysis (CMA) when you submit an offer. A lot of times the homes are priced correctly these days and you could be in a situation with multiple offers on a nice home. After reviewing the CMA, and the value is there, don’t fall into the trap of always offering 5% to 10% less than the list price. You’ll miss out on a property that you really liked. I find that after Buyers have missed out on 2 properties because of the above, they get the message, that yes, the property was price correctly.

My name is David Post and I’m a full time Realtor here in Carroll County Maryland. If I can assist you or someone you know in either buying or selling a property in Carroll County or any other nearby county, please call me direct at 410-984-2221 anytime. This is what I do and this is what I love…. Real Estate!

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