This summer we have had a few scorching hot weeks which I believe reflects the market perfectly. For a while we saw homes coming onto the market and going into escrow in a matter of hours or days. Even though this real estate “heat wave” has cold down a bit, homes are still continuing to sell rather quickly. This is especially obvious with well-priced houses.
Having your home priced correctly is one of the most important aspects of the selling process. Many times sellers who have their home over priced my notice a “cool down” more than the homes around them. The home will sit around devoid of showings and offers. These over priced homes are sadly “ice cold.”
On the other hand having a home that is far “too hot” is not a good situation either. I recently noticed a home that sold in 1 day for 20% above the asking price. Many of you may think, that 20% over the asking price is amazing. However, he had listed his home 40% below what the market was dictating. In the end this “too hot” price meant that he was losing out on profit.
Much like the weather we will be experiencing this month, we want the temperature to be just right! The price to be not too high or too low. The best way to determine this value is to work closely with a real estate professional that can examine the market and help you determine the market value.
Feel free to contact me if you ever need help determining the temperature of your home value.