When facing a mortgage default, most homeowners try to sell their home - fast. The technique that works in these stressful situations also works for the rest of sellers - namely, aggressive pricing.
As a seller, you control the three factors that determine how quickly your home will sell: marketing, condition, and price. Let's focus on that last element.
First, be clear about your goals. Can you hold out for the highest price you can get, or do you want to move on quickly? Unfortunately, the fact that you paid more than what homes in your neighborhood are selling for is irrelevant in today's market.
Forget about salvaging equity, and price your home aggressively against the competition. Overpricing keeps many buyers from even seeing your listing in their affordability zone. They'll see lower priced homes as a better value, while you'll wait until the lowballers come out of the woodwork.
Start your pricing decision with a Comparative Market Analysis (CMA) performed by your real estate representative. If you're truly motivated to sell quickly, price your home 10% lower than the selling (not asking) prices of other homes in your area.
Now your home becomes a bargain, and it will attract the attention of other agents and their qualified buyers. An attractive price, good condition and savvy marketing will result in offers and ultimately, a sale.
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