Pricing Decisions for Seller's in any Economy
Decisions Sellers need to consider when selling in any economy. If land or homes has the right mix, the economy won't affect the sale. This mix is location, topography, features, economy and price. However, if your property has been sitting on the market for a while, then it's time to revaluate your pricing and make sure it's not over valued to compared to the other mixes. Because you can't fix location, topography and most features. But you can change price. Worst decision a Seller can do is to make no decision.
Realtors can assist you in determining an estimated price a property's worth and what price it might sell for. A better option is to hire a Licensed Appraiser, they will give you an official report comparing like properties sold to your property. Banks and Mortgage companies use appraisals to determine what they'll lend the consumer. This can affect a seller and purchaser. If the appraisal is low, the purchaser will have to bring more money to closing. Another issue is that Purchaser may negotiate a lower price, which will affect the seller. It's really important to find Realtors that specialize for that type of property you're selling. Such as, Land Agents, House Agents, Lake Property Agents and Commercial Agents. Agents that specialize will be more in tuned with specific property prices and may have clients or consumers ready to buy your property too.
Things consumers are telling us by their purchasing decisions. During the New Economy, we are finding that consumers have become very savy in a slower economy because: 1. Most consumer incomes have decreased or consumers have decided to live within their means. 2. They have more options to choose from now more than ever, their options include: Bank Foreclosures, Pre-Foreclosures, Short Sales, For Sale By Owners, and Non-Foreclosures. The good news, you can do your own due diligence or select an agent specializing for your type of property, then you'll have the best opportunity to sell your property. But always, remember the mixes will determine your success selling your property.