Pricing your home is both an art and a science.
Achieving the optimal price is the result both of
objective research into comparable properties and a gut
feeling about your property and the current market. The
right price should:
-
Attract buyers
- Allow
you to earn the most money possible, and
- Help
you sell as quickly as possible
The simple
fact is, price is the number one factor that most
homebuyers use to determine which homes they want
to view. And it's important to remember that, although
the price is set by you, the value of the home is
determined by the buyer. Try to avoid allowing your
enthusiasm to impact your better judgment - overpricing
is a common mistake that can cost you in the end.
With that in mind, here are some reliable guides to
use when pricing your home:
Factors Affecting Your Asking Price
How quickly you need to sell
The amount of competition in your price category and
area
The availability, flexibility and affordability of
financing
The sale prices of similar homes sold in your area
during the past six months to one year
Factors That Should not Affect Your Asking Price
The original cost of the property - price is determined
by today's market
Any investments you've made in improvements
The cost to build your home today
Emotional attachment
The opinions of friends and neighbors
Problems That Can Arise from Overpricing
You might sell similar homes that are priced lower.
Your home may stay on the market longer.
You could lose market interest and qualified buyers.
You might create a negative impression of the property.
You could lose money as a result of making extra mortgage
payments while incurring taxes, insurance and unplanned
maintenance costs.
You may have to accept less money.
A potential buyer may face appraisal and financing
problems as a result of the inflated price.
You might miss the peak selling season.
As a Certified Residential Specialist, I Can Help
You Price Right
With a mix of real-world experience and advanced training,
I have the tools necessary to compute the fair-market
value of your home based on both the marketplace and
personal considerations like your must-sell date.
Remember, the right price is the key to a successful
sale. So work with me to price your home accurately
the first time.
What Is
Right?
No single factor has more impact on the successful sale
of your property than pricing. The price at which you
choose to list your home will determine whether or not
your home sells in a timely fashion, or languishes on
the market.
When pricing your home, consider:
There is no such thing as an "exact price" in real
estate.
I do not determine the "worth" of your home.
The market determines the value. Together we determine
the price.
As your Realtor, I will:
Show you a range of prices being paid for homes in your
area.
Present research on recent listings and sales in your
neighborhood, the time spent on market, properties that
did not sell, and why.
Prepare a competitive market evaluation to ensure
your asking price falls within the market parameters
set for a successful sale.
Share with you my insight gained in working with buyers
in your area.
Work carefully with you to monitor pricing and guarantee
optimum exposure.
MYTH
The longer you are willing to wait, the more you will
be able to sell the home for.
REALITY
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Experienced
real estate professionals will tell you that
the longer a home is on the market, the more
likely it is to sell below its real market value.
Usually, the best price a home will receive
comes within the first 45 days. It is important
to have proper pricing during this period.
Afterwards, enthusiasm and excitement wane,
and a property is shopworn. Agents become reticent
to show the property because of a concern that
"there must be something wrong with it."
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