Chasing the Market – “Catch me if you can.”
At this time of year, an overpriced listing in a market that is about to experience seasonal depreciation in values can be a slippery slope. When values are appreciating, the market may just need time to catch up to the price. For instance, in late winter or early spring, property values tend to appreciate, usually reaching their peak in June or July. If you overprice your property at that time of year when the trend is for values to rise, then the market may finally climb to reach your price. In this case, the market (i.e. buyers) is chasing after your price. Ideally though, buyers are chasing your property, not trying to catch up to an overpriced listing, but chasing it because it’s attractively priced; hopefully bringing competing offers. As we pass mid-summer, an overpriced listing, coupled with seasonal depreciation in values and fewer buyers in the market, can mean your property is playing a game of chase, with the market running away. Instead of your property chasing the market with costly price reductions, price it right, and buyers will chase after your property. Whatever time of year it may be, if you are planning to sell your property, you need an accurate valuation and a clear plan. If you’re planning to sell, or if you would like a current market value for your property, you contact me to get started by calling 509.944.5071 or email at email@example.com.