Market Brings New Rules for Pricing a House

December 21, 2007
Author: The Baltimore Sun, Jamie Smith Hopkins (12/14/07)

How do you price a home in this market? Pat Hiban of the Pat Hiban Real Estate Group in Ellicott City, Md., says comparables are irrelevant these days.

“You want to price it less than the active competition,” he advises.

He dismisses the notion that someone who is less eager to sell a home quickly can set the price a little higher. In this market, the lower price is “realistic,” Hiban says.

He suggests looking at the three most competitive active listings that the seller will be up against. If there are no real differences between those houses and your seller’s home, undercut the competition on price. If the house you’re trying to sell has something that the competition doesn’t — say a finished basement — then go with the same price.