I know that my title is a tongue twister, but that alliteration is true for first time buyer houses in and around Medford, MA. Although the #1 saying in real estate is still “Location, Location, Location” it has met its match with the new saying “Price, Price, Price”.
As a seller, it can sometimes be a hard pill to swallow to realize that you might not sell for as much money as you hoped for, but in today’s market (October 2008), you are much better off pricing your house aggressively rather than pricing it high. I meet with many sellers who feel that they have to overprice their house in order to let the buyer feel they have negotiated while they still get the price they want.
There are markets where you can come down if you aren’t priced right without it negatively affecting your chance of selling, but we aren’t in that type of market now. In the last month, I’ve put 2 of the houses sellers have trusted me to sell under agreement in less than 3 weeks. That’s in a market where the average time a property sits on the market is 109 days. Kevin Costner said, “If you build it, they will come”, but in my market, “If you price it right, it will sell!”