Unless you live under a rock, you’ve heard that the real estate market is strong with a shortage of houses and condos for sale and prices have been increasing. This is great news if you are a seller. Many homeowners in Medford and the surrounding cities are no longer underwater. Sellers in places that have seen the largest increase in prices like Somerville and Cambridge, are making good profits with prices above their 2005 peak.
Sometimes sellers hear the good news that prices are rising and get unrealistic expectations. Some cities are doing much better than the neighboring communities. Prices are increasing in Malden but not as quickly as in Medford and Somerville. Some properties in Malden are back to their 2005 peak level while some are still below what the seller paid if they bought at the height of the market. Regardless of what city your property is located in, it is very important not to overprice your home.
Properties that are priced well are selling very quickly with multiple offers. The majority of these well priced homes are selling above their asking price. Sellers who overprice, though, will end up disappointed and have to reduce their asking price. Buyers realize that the longer a property is on the market, the better chance that the price will come down and they will have more of an opportunity to negotiate.
If you want to sell your house or condo, price it right from the beginning.