Current low home prices and interest rates have made the relocation into a first or larger home a possibility for many families across the country. But for many, that potential move also requires them to sell their current residence. Real estate experts told New York-based Newsday
choosing a selling price is very different than it once was.
The paper says that many homeowners are unwilling to sell their home at a loss, because they keep hoping that they can make back their investment. But often those estimates are now out of line with current prices.
"You need to price within a few percentage points of what your house is worth. You can't just put down a price and see whether you get a bite," Jonathan Miller, president of the appraisal firm Miller Samuel, told the paper.
One real estate agent told the paper that his strategy for families who need to sell their homes has been to look at comparable homes that have sold in the last few months, and then take 10 percent off the price.
That inital price listing is very important, because it represents the time when the listing receives the most interest. A report by the brokerage Redfin earlier this year found that new home listings generated more than double the online interest compared to when the listing shows a reduced price.