Pricing Tips for Buyers & Sellers in the Albany Real Estate Market

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Everyone knows that sellers don’t want to give their home away. They always say they can come down on the price later if they have to. On the other hand, buyers don’t want to overpay for the house. They usually start with a lowball offer and will negotiate upwards if they have to. 

In our current market, good pricing for a seller is imperative to maximize your return. For buyers, what you offer makes the difference between you getting the home or not.

On the buying side, I understand why you don’t want to overpay for a home. However, I bought my home 15 years ago. I overpaid for my home by $3,000, but it was the home I wanted. Over the last 15 years, my home has appreciated by at least six figures. That $3,000 didn’t matter. 

In today’s market, if you want to get a house and you’re competing against multiple offers, you really need to put your best offer forward. If the home just came on the market, that means offering list price or more. 

Even though I overpaid by $3,000 on my home, that only added an extra $15 a month to my mortgage payments. Keep that in mind when making an offer on your dream home. We can run a market analysis to make sure that you don’t overpay for the home, but keep in mind that the days of the lowball offer are over. 

As a seller, you need to price your home right. In today’s market, homes are selling at 95% to 97% of list price. That means you need to price your home within 95% of a buyer’s perceived value in order to sell. Pricing high and planning to come down later is a good way to net less money on your home sale.

In the past week, I’ve put four homes under contract. They all sold at or above list price. That’s because we priced them right, marketed them well, and drew multiple offers to get our sellers the best price possible. 

The bad news is that there were two homes that the banks did not appraise. The appraisals came in lower than market value. 

Ultimately, price your house right and you will net the most money. Buyers need to put strong offers in.

Don’t forget, if you have a question for Barbara Corcoran, send me an email. I will select one question to ask her when I visit her in New York. If you have any other questions, just give me a call or send me an email. I would be happy to help you!