decline in the sale prices. Many sellers might announce attractive incentives and credits to sell their properties; therefore, when the statistics show only modest price drops, sellers net more than they would otherwise lose due to the drop. When higher-end homes sell better than starter homes, the median sales prices could give false readings. Under such circumstances, the reported drops in median sales prices will understate the degree of the downturn. Know that in some areas, the median sales price can rise even when the home prices fall. When the price of your home drops by about 15% and the price of your replacement house drops equally, the market is in your favor if you are selling the property to trade up. Consider lowering the cost if your mortgage payments are bleeding and you see considerable monthly losses while the sale is delayed. Be cautious and skeptical with the advice of unethical real estate agents who offer to buy your listing on the claim that you have quoted lower than you could have. It is common for less scrupulous agents to claim you’ve set your price too low and then later ask you to lower it once you have paid them for the listing. Also, do not be deluded if the neighbor selling his property is quoting an escalated price. Your neighbor unrealistically quoting the cost of his identical property at $400,000 does not mean your house is also worth that much. Please let me know when you should increase or lower the quoted prices; at the end of the day, it comes down to your judgment.
UPGRADES TO CONSIDER
Remodeling and home improvements can often help you get a better price for your home. Therefore, it is common to see many homeowners commit themselves to a lengthy series of improvements and refurbishments before listing their properties for sale. However, this topic needs to be approached carefully; if
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