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Pricing your home to sell, New Milford, CT real estate talk.

April 8, 2011

New Milford CT Real EstateWhen it comes to pricing your home to sell in the greater New Milford, CT area, I can tell you three things for sure that you may not want to hear. And I know these three things for a fact!

1. What you paid for your home has no relevance to the current market price

2. What you owe on your home has no relevance to the current market price

3. What you would like to get for your home has no relevance to the current market price

Now that we have gotten that out of the way, let’s talk real estate turkey. When you ask me what your home is worth you may not like what I tell you. You may even prefer what someone else tells you, but the truth of the matter is, our real estate market here in the greater New Milford, CT area is still down. If you overprice your home it will not sell. You can chase the market down, but when you get to the price it should have been listed at, the market has gone down even more. And don’t kid yourself, I see homes “chase the market down” for over a year! Reduction after reduction, still overpriced with each reduction.

Let’s just say….

You need to sell, you are not able to make your mortgage payments. You contact a real estate agent who tells you to price the home to satisfy your loan commitments plus real estate commissions. This is a recipe for disaster. Ask your agent if they can explain what a short sale is, have they done successful short sales, contact someone who knows about doing short sales. Do NOT buy pie in the sky pipe dreams that someone will come along and rescue you from your current situation.

You need to sell, you have just been offered a fantastic job somewhere else. Life is great except one little detail, you bought your home at the height of the housing market. If you are in a situation where you will be using a relocation company, be honest with them and make sure you stress to the agents that come through your house to be honest about pricing. If you aren’t using a relocation company, you will need to trust the agent you pick to sell your home will actually price it to sell. You may have to pay money to sell it. Bottom line. If you don’t have the money to get yourself out, well, check with your lender, check with the company who wants to hire you, find out what options are available if any.

You don’t need to sell, but sure would like to. You and your agent priced your home according to what you would like to sell it for. After all, it is an estate quality home, a beautiful place indeed. Or at least you think so. The 4 offers you have gotten are far below what the house is listed for… what on earth is wrong with those buyers and their agents? Well… nothing. I hate to break it to you, but the problem is that your home is overpriced.

Pricing your home to sell, if you don’t do it, you better make sure you are in shape to “chase the market down”! Because it will be a long run.

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