Q: “Denise, our market has picked up all of a sudden and I am having some trouble with pricing. All my comps that sold in the last 90 days are only comparable in terms of house style and specs, not what I am currently seeing in the market. What do you think I should do?”
A: If you are seeing a strong uptick in demand given the number of homes on the market, this should be accounted for in your pricing. But remember, the market will do the pricing for you. If you have a lot of demand and multiple offers, you can price where it might have been priced 90 days ago, but buyers know a deal when they see it and will drive the price up to the market via multiple offers if you indeed have strong demand. In my experience, the more buyers that are interested in a property, which a lower starting listing price will allow, the price will be driven up higher than if the property was priced higher to begin with.
Explain the situation to the sellers and explain your strategy. If you can find a few examples in your MLS in which this strategy was implemented and resulted in a higher sales price, even better.
I understand appraisals may be a different situation and you should be prepared to prove market value should an appraisal issue come up, but I would look at the above strategy in order to get your sellers the highest price for their property.