Most sellers, if given a choice of when to sell their home, would pick a much hotter coastal market than we have today. Here in Astoria, we’re much better off than many parts of the country but it doesn’t mean your home will sell itself. In my opinion, there’s three critical elements to generating a sale in today’s Astoria, Oregon real estate market.
The first and most important element is…. price. A wise man once told me any home in any market will sell quickly if you price it correctly. It’s true for most items, even non-housing related if you think about it.
Say you’re in the market for a car. You’ve checked the local inventory, found afew possibilities but nothing that really strikes you as good deal. You keep an eye on the local market place, watching and waiting until one day you see an identical model to the ones you’ve been looking at and it’s priced well below the others. What do you do? The first thing you do is try to disqualify that car from your search. You check over the list of options to ensure you’re making a like kind comparison, and you test drive it. After passing your scrutiny, you determine it’s a good value and you pull the trigger. Why? Because are a ready, willing and able buyer and you perceived a great value that you didn’t want to pass by.
The same is true for home buyers, even in our small-ish Astoria, Oregon housing market. Slow market + lots of inventory/ same number of buyers = price is critical. One third of the battle is won upfront by pricing your home correctly. (How do you do that? I’ll cover that in a later post.) Pricing a home today is more challenging as our market is still correcting. It’s a moving target, and you’d better nail it. If your home is on the market for more than 60 days without an offer, I can almost guarantee the price is to high. However, there’s other factors that can contribute to the right price for your home so stay tuned.
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[...] 20, 2008 in real estate Yesterday I went over the first of three critical elements if you want to generate a quick sale in today’s Astoria housing [...]
[...] 21, 2008 in real estate Once you’ve properly prepared your home for sale by addressing price and product, it becomes the task of your Realtor to promote your home and attract Buyers. [...]