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There has definitely been a surge in housing prices over the past year here in middle Tennessee. I believe housing prices have plenty of room to move higher if the wider economic recovery remains intact. Sure, some home buyers are wondering if the market has gotten ahead of itself. Yet this past summer and into the fall we saw fence-sitters get motivated to buy before prices rose further. Also, rising mortgage rates have further spurred buyers to lock in rates before they climb higher. A factor to keep in mind is that higher borrowing costs could eventually price some buyers out of the market.

Sellers, however, cannot get overly confident – “I’m putting my house on the market at a high price just to see what I can get. What’s wrong with that? Who knows, maybe I’ll get lucky!” We’ve all heard that expression, “Let’s throw it all against the wall and see what sticks!” This is the same principle and a very misguided approach to pricing. Sure, a few people do get lucky, but pricing according to realistic market prices is a seller’s best tool to a fast and profitable sale. Poor pricing may lead a seller to experience a back lash resulting in them getting less for their property and missing the opportunity of getting multiple offers. It will also prolong the time it takes to sell and, eat up valuable time on the real estate market. Sellers run a great risk if their house sits on the market too long. At that point the home can become a dead listing and a target for vultures and bargain hunters. Ultimately sellers will end up selling their house for less than they would have had they initially priced it correctly.

You only get once chance to make a good first impression. My advice is to work with a knowledgeable Realtor who knows the market and can guide and give you professional advice. You need all the facts before selling one of your most financially valuable possessions. Please contact me..…I would love to help!

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