These days are no different in some respects than those of the past. When entering the home sale arena, the first thing a Seller will do is research. A big piece of that research is market education to see what their home value is in the current market.
Unfortunately today, a Seller is likely to compete with Short Sales and Bank Owned real estate. In general, these properties are priced aggressively to capture a buyer for a quick sale.
In Al Raymondi's Blog this morning, his remarks regarding his local market conclude that " short sales or foreclosures continue to be about half of the pending condos, but less than 15% of the condos for sale indicating the banks are pricing their properties to sell while many owners are expecting to get more than the market will bear."
While we all agree that each market place is different, it remains the same that price drives any market whether it be the sale of tooth paste or your fabulous, memory packed home.
Unfortunately if all things are relatively equal, then one has to take these homes into consideration when pricing your own. While one may consider a bank home distressed and I will agree that many are, today there are banks that are keeping their properties up while on the market and the savvy Short Sale seller is likely to present their property with best foot forward in order to snag that Buyer and avoid foreclosure.
So, while it doesn't seem fair that a Seller might have to compete with "Bank of the World", they do in this marketplace. The competition is stiff and it no longer matters that your neighbor is a short sale or bank owned property. Their price is affecting yours and it will continue to do so once it is sold.
How do you get that property sold?
Hire a Realtor, use their expertise and take a real good hard look at what you are competing with. Price and Present appropriately and your home will sell!