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The psychology of pricing out your home

for sale sign outside housePricing your home correctly is the foundation of a successful sale. I have often talked about the science and art of pricing a home in various market conditions, but did you know that psychology also plays a role? 

With vast amounts of public data available on the internet, you may be tempted to price your home on your own.

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Looking forward to bursting a bubble

The March S&P/Case-Shiller U.S. National Home Price Index (spindices.com) was announced May 31st to reveal a 5.2 percent increase in home prices. Although down from last March’s 5.3 percent increase, home prices seem to be appreciating at a regular pace, with the metro areas of Portland, Seattle, and Denver leading the way with double digit gains (year-over-year price increases of 12.3 percent, 10.8 percent, 10.0 percent respectively).

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Don't send buyers to the competition

Home sellers should be concerned about the reports of a tumbling luxury home market. The stalwart of the American real estate market since the recession (and possibly skewing home price indices) is showing signs of weakness. Leigh Kamping-Carder of the The Wall Street Journal reported that 50 percent more homes priced $5 million or more reduced prices during this past January, compared to January 2015 (More Luxury-Home Sellers Drop Their Asking Prices; wsj.com; April 12, 2016). Additionally, Kelsey Ramírez reported for HousingWire about a Redfin home price analysis that indicated weakened luxury home prices; the sector realized a 1.1 percent annual decrease during the first quarter of 2016 (Luxury home prices decrease for first time since 2012; housingwire.com; May3, 2016).

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Make a low ball effort a bulletproof one

The process of making an offer to buy a home is fairly straightforward, provided that you don’t have any competition from other buyers.  You basically decide on the price you want to pay, and which inspections you want to conduct.  Once the documents and addenda are completed, your agent will present the offer to the listing agent, who in turn presents it to the seller.  The seller can accept, reject, or counter your offer.

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Never leave money on the table

house real estateA nagging concern that is often expressed by many home sellers is that they are leaving money on the table; in other words selling for too little.  The dilemma often presented to a home seller is that if the home is priced too high, then there is risk eliminating potential home buyers; while at a lower price, there is risk selling at a less than desirable price.

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