Pricing strategies for selling a home today

In the latest Illinois Association of REALTORS® Broker Sentiment Survey, real estate brokers surveyed noted short sales and foreclosures continue to affect seller pricing combined with lingering effects of a tightened lending environment for buyers.  Every market is different, however. Some areas of the state are less affected by foreclosures and some are seeing lower inventories especially in the lower-price tiers.

The complexities of today’s market underscore why now, more than ever, it’s important to work with a REALTOR® to properly gauge local neighborhood conditions.

Pricing remains a tough yet pivotal issue for sellers, so we asked Illinois brokers for the pricing strategies they see working. Here are some responses from the survey.

  • We review pricing with sellers on a regular basis, using the Illinois Association of REALTORS® quarterly market reports and MLS reports to determine when a price reduction is appropriate.
  • Inflated pricing may reduce showings and if sold the property may not appraise.
  • More than just comparable, the price set must be competitive. Listings must be one of the best values in their market. If it isn’t shown in a month, reduce the price.
  • You have to be realistic in this market. Review market times for active listings and the closing price for comparable homes that recently sold.
  • Overpricing a listing is not the best strategy for this market.
  • It’s very important to understand current market conditions and have reasonable expectations related to price and time on market.
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About Ann Londrigan

Ann Londrigan is Director of Association Outreach and Marketing for the Illinois Association of REALTORS®. She is responsible for increasing member engagement in and awareness for IAR Governmental Affairs and the RVOICE program as well as increasing participation in the REALTORS® Political Action Committee. She is responsible for overall marketing plans for IAR member benefits, educational products and events and is the content manager for IAR's Facebook page and LinkedIn discussion group. She manages the IAR Welcome Center, serves as staff liaison to the University of Illinois Regional Economics Applications Laboratory, and coordinates the IAR housing stats program.

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