Community Update

Is the Price Right?

Housing prices continue to rise across much of the country. Historically low interest rates, rising rents, and a positive economic outlook have been driving buyers who want to realize the dream of homeownership. With limited housing inventory, buyers are competing for those properties that are priced well. The competition is resulting in bidding wars, and rising prices.

According to a recent release by the National Association of Realtors (NAR), the national median existing-home price for all housing types was up in October 12.8 percent when compared to October 2012. However, total existing-home sales fell 3.2 percent in October from September, which means there is less buyer activity in the market right now.

While rising prices are a benefit to home sellers, they must still be mindful of pricing their property competitively to attract this pool of buyers. Buyers that are currently active in the market right now are generally preapproved for a mortgage, know market values, are prepared to make a purchase decision, and expect more for their dollar.

Pricing a home appropriately at the start of the listing process can save a home seller a lot of time, hassle, and most importantly, money. If a property is priced competitively, it will attract buyers’ attention. More buyers interested in the property, means a higher probability of an offer and multiple competing offers.

If a property is improperly positioned, then this pool of buyers will overlook the property. If a property is on the market an exceptionally long time, new buyers will wonder why the property hasn’t sold, stigmatizing the home.

Hello my name is Michael Rizzuto and I’m a licensed real estate agent with Coldwell Banker- Regional Sales Office in New City, NY. This column will list the open houses for the upcoming weekend and give the current housing market statistics for Rockland County. If you have any real estate questions, please feel free to Email me at: Michael.Rizzuto@cbmoves.com