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| Why It Is So Important That Your Home Is Correctly Priced and Marketed Properly |
"... Your home is your castle--even when it's for sale..."
Let's say your terms are competitive: your timing's clearly set.
Now, what about your asking price? Without question, price is your
most important sales tool. Here's why:
The period of best opportunity for selling a home at a reasonable
price is the first four weeks after it is put on the market. Buyers
who have seen most available listings are waiting for just the right
house to come on the market. If your house is priced right from the
beginning, you are in the best position to attract the maximum
number of buyers able to pay the price your home is worth - and to
sell your home within your timetable.
If your house is under priced, you may be swamped with lookers and
perhaps get many offers. But you could lose thousands on one of your
family's largest investments.
If your house is overpriced, lookers are apt to be few and far
between, with little chance of any offers to pay your unrealistic
price. You may lower your price later, but by that time you will
have missed many of the most interested buyers. |
| How do you Set the Right Price? |
Arriving at an asking price involves up-to-the-minute research
and experienced judgment. Besides enlisting my help in checking out
the current real estate market conditions and financing trends, the
basic steps include:
Measuring your home against similar neighborhood homes that have
recently been sold or are currently on the market.
Determine what features make your house stand out among others
currently on the market. After all, buyers are comparison shoppers.
Weighing the spending of a reasonable amount of money on cosmetic
fix-ups that might enhance the marketability of your house and earn
the highest possible sale price.
The right price is usually within 5% of market value (a constantly
changing factor) and usually results in a fair-dollar sale within a
reasonable amount of time. As we say, "price sells." |
| Why is overpricing risky? |
A price more than 5% over market value may have these results:
Buyers may resist inspecting your home because they can find better
values elsewhere. (Overpriced houses tend to sell the competition
first.)
Potential buyers who can't afford the price don't bother to look--or
to make offers.
A buyer willing to pay an over market price may have difficulty
getting financing. Lenders may not approve a loan if the appraisal
is lower than the contract price. (The delay from a failed sale can
mean missing out on the critical first 30-day marketing period.)
Your unsold home will begin to get "stale," as the marketplace
assumes there is "something wrong" with the house.
To make up for lost time you might be inclined to lower the price
below competing houses in order to move it. |
| Is it Ever Smart to Under Price? |
Setting a price below market value usually isn't preferable
because you may be losing money. If time is more important than
money and you need a faster-than-average sale, you may consider
setting a bargain price to attract the greatest number of prospects.
Market value delivers the optimum number of prospects at the best
price for a quick sale.
When you're ready to sell your home, take advantage of my real
estate expertise to help you price your home to sell. |
| How a Market Analysis Helps Price it
Right |
Only a professional market analysis can give you the accurate,
reliable foundation you need to price your home right. When you ask
me to make a fair-market analysis of your home, here is what I do:
Evaluate your home's location and lot size; your home's age, size
and condition; the number of bedrooms, baths, total rooms; the kinds
of extra feature you have (such as improvements, built-ins, garage,
tool shed, spa).
Examine the condition and appearance of your homes exterior and
interior. I can help you determine what repairs or refurbishing may
be needed to sell your home at its best price.
Review the assessed value of your home, its previous sale prices,
your maintenance and utility costs and your local taxes.
Compare your home with similar area properties currently for sale or
recently sold.
Note current real estate market conditions with a practiced eye;
also current interests rates and lenders' criteria. |
