A real estate advisor explains why pricing matters more than condition. Price a well-maintained home low and you'll spark bidding wars, even in downturns like the Great Recession. Price it high and it sits. The strategy shifts with market temperature.
We in real estate are dealing with a high-value item, but it is not a commodity item because houses, while at a high value, are imbued with emotion and people have feelings about their real estate that they don't have about their electronics or even their vehicle. So, it's a different space. And if you list a house and you price it on the lower end of the spectrum and it is in drop-dead gorgeous condition, yes, people are going to fight over it. Which happened even during the Great Recession when the markets were in shambles. Some houses still sold quickly because the best houses always sell quickly. However, if you have that beautifully conditioned house and you've priced it at the higher end of the range that we're dealing with, it may still take some time to sell. That's why I will always tell you that it depends if the market's hot or not. I don't make blanket statements.
