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Home sellers probably won’t be too happy, but housing experts in an article at CNNMoney say that underpricing a home by 10 percent may help it sell faster. And while sellers may lose out on thousands from the sale, they likely will avoid months of carrying costs from the home lingering on the market to offset that loss.
The high inventory of foreclosures on the market is making it difficult for sellers to compete against these ultra-low prices. Therefore, “listing your home for less than comparable ones in your neighborhood is the best way of unloading it as quickly as possible,” according to the article.
You could even attract a bidding war, says Steve Murray, editor of the Real Trends newsletter.
Furthermore, it may take the property a lot less time to sell. For example, a home underpriced by 10 percent in Somerdale, N.J., may sell in a few days rather than in the average four months, says Denise Riordan, a Sotheby's International real estate professional.
Source: “Sell Your House Faster in a Tough Market,” CNNMoney (June 27, 2011)
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