If you are selling your home during this holiday season, be prepared to make serious downward adjustments to your asking price.
Agents traditionally use the selling price of like homes in similar neighborhoods to price a property. These comparables, said Realtor Gayle Hagan of Coldwell Banker Residential Brokerage in Hunt Valley, aren?t worth much in a market flooded with inventory. Even a drop of $5,000 in the asking price may not generate enough interest.
“We?re in a high inventory market that is getting higher,” she said. “The challenge for [the] holidays is to be brave enough to implement these dramatic price strategies. Remember, the first one that sells in your neighborhood wins.”
Not being flexible on pricing can leave your home with the rest of the unsold inventory, Hagan said.
“In the spring there will be many more homes in inventory,” she said. “You can leave it active and chase the market down or you can create a demandin this particular property and hopefully bring the property price up.”
When multiple offers are made on a single property, Hagan said a bidding war often ensues, giving the seller more than was expected.
