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How to Price Your Home in the Baltimore Market Today
Actives, Pendings, & Solds, Oh My!
When we review housing prices with Sellers we look at a variety of numbers including Active Listings, Pending Sales, and Sold Homes.
Sellers invariably focus on Active Listings because those numbers usually look the most optimistic.
They may appear optimistic, but are they realistic? Not usually…just because a house is priced at one number does not mean that is what it is going to sell for. Looking at other Active Listings is not going to be an accurate way to determine at what price you should list your home.
Solds are only helpful if they are less than 60 days old. With a rapidly changing market, we need to base our prices on 3 criteria:
- What a buyer is willing to buy TODAY
- What a bank is willing to lend TODAY
- What an appraiser is willing to appraise TODAY
Houses that sold over 60 days ago are not going to be helpful in determining the price of your home because after 60 days that information is already outdated!
Actives are a seller’s dream, however not always realistic in determining what your home will sell for. Solds are a true history, but Pendings are the real deal!
Pendings, the Real Deal
The truth is that, for pricing purposes, the most important numbers are those of Pending Sales.
Pendings show what buyers today spend their money on. They are the most current and accurate regarding appraisals, financing and trends and therefore are the most reliable numbers when determining a sale price for your home.
If we’ve said it once we’ve said it a million times…Time is Money! Which is why considering Pending Sales numbers when pricing your home is so important. Overpricing your home will lead to less activity and, quite frankly, a waste of time…and money! You will end having to lower your price anyway…so why not start out at the correct price to begin with?
Here at Yaffe Real Estate, we are believers of getting it right the first time! We will shoot you straight from the beginning so that you don’t lose time…and money.
Contact us today, 410-902-1100…No pressure, just straight talk. Let’s get the real numbers, see if it makes sense for you, and then make the best decision possible for your situation.