The usual rule of thinking is to lower your asking price when your Westfield home isn’t seeing much traffic. But that isn’t necessarily the right thing to do in all situations. Several factors help determine how to price your home appropriately for the market. Sometimes, that may mean actually raising your price even after you’ve had it on the market for a little while. When should you think about increasing your Westfield asking price after listing? When the following scenarios arise.

Increasing Your Westfield Asking Price After Listing

Changes in the Local Market

The real estate market is in constant flux. Sometimes it’s up. Sometimes it’s down. But, rarely does it stand still. If the Westfield real estate market in your neighborhood has changed since you first listed your property, you may want to re-evaluate your listing price. Has available inventory dropped in your community? Have you noticed other homes near you selling for more? You may want to bump your listing price up slightly to compete. By bumping your Westfield asking price into the next price point (from $749,999 to $752,000, for example), you may generate a renewed interest in your property for those people searching in the $750,000 to $850,000 range. Your home wouldn’t have come up in their search at its original $749,999 price.

Your Home Offers More Features

It’s a good idea to keep an eye out for new listings. Does your Westfield home offer more features than a newer listing that recently sold for more money? You may have underestimated your list price.

You Upgraded Your Property After Listing

Let’s say you gutted your old master bathroom and created a spa retreat. Or, you finally renovated your 1980’s kitchen into something a gourmet chef would envy. While this would have been better accomplished before you listed your home, it’s not too late to reconsider your Westfield asking price after listing it. Just make sure these are major changes. Simply upgrading to granite counters or changing light fixtures won’t justify a price increase after your home hits the market.

Higher Appraised Value

Appraisals aren’t just for buyers. They can help sellers, too. Ideally, you should get an appraisal done before you list your Westfield home. But, if you wait until after listing to have an appraisal performed, it could inspire a change in your Westfield asking price.

Always discuss this with your Westfield REALTOR@ before you decide to increase your Westfield asking price after you’ve already listed your home. They have their finger on the pulse of the market. They know about current trends. So, they should be able to help you determine whether an increase is appropriate or not.

Westfield Tax Assessment Appeal Information

As a reminder, the first quarter of the year is when the tax assessor’s office considers cases for Westfield property tax appeals. Last year, I hosted a seminar featuring local lawyer Jennifer Jacobus, Esq. She specializes in property tax assessment cases. At the seminar, she provided some valuable insights into who can appeal, on what grounds, and what to expect throughout the entire appeal process. If couldn’t make it to the seminar, you can still benefit from her years of experience by watching the entire Westfield tax assessment appeal seminar here.

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes