Nothing is more important to achieving a successful sale than price. Today’s buyers are well-educated and know what’s priced right—and that’s what they buy. Here’s a no-nonsense look at why price is important and how to set the best price for your home. When you decide to sell your home, you want the highest possible return from its sale. Determining price is the most critical step in preparing your home for sale.
FALLING INTO THE "GOTTA GET" PRICING SYNDROME
The market determines the price for which you're going to sell-not what you need to get out of a deal, Suppose, for instance, that a couple living in a modest three-bedroom colonial-call then the Jones-decided to trade up. One Sunday, the Jones happen upon an open house at n new development for four-bedroom homes. They're taken in with the extra space, skylights, oversized bathrooms and walk-in closets. In their enthusiasm, they sign a contract. To buy the contemporary, the Jones determine, they must sell the colonial for X-amount. Regrettably, the amount they need from the old house is $10,000 more than the prevailing price for similar homes in their neighborhood, and they price the colonial at the "gotta get" level. But it quickly becomes apparent to buyers that the colonial is priced higher than its competition, and most won't even bother to visit it. That means that during the first 30 days of the listing-when the home should generate the most excitement-it gets few lookers. Worse, the home becomes shopworn. But the selling price might even be lower than the Wilsons would have received by properly pricing the home at the outset
TRYING TO "TEST THE MARKET" IN TERMS OF PRICE
Like the "gotta get" sellers, people who try a higher-than-market price with the notion that it can always be lowered hurt themselves. Of course, it's a free country. You can charge what you want for your castle---ignoring the advice offered by any broker or appraiser you meet---but overpricing will sabotage your sale, says Mary Jo Button, sales manager with the Prudential Preferred Properties chain. Asking just $2,000 or $3,000 more than market value could mean the difference between selling quickly at a good price and not selling for a while, she says. And remember, keeping your house on the market for a prolonged period imposes its own expenses, including carrying costs and upkeep..
WHY IS PRICE THE KEY: Every seller wants to get the highest price possible for their home. It's only natural to want to maximize the return on your investment. Likewise, pricing a property too high is risky. Homes priced too high miss their target market. Qualified buyers who might find the home just right for their needs won't see your home, or make an offer on it, because it is out of their price range. If they are shown an overpriced home during its early marketing stages and do not buy because it isn't a good value, they are unlikely to revisit your home once the price is lowered. Real estate agents will hesitate to show an overpriced home, unless it will make a competing property look like a better value. Finally, after losing valuable time, a seller of an overpriced home often needs to make a deep price cut to get it sold. Underpricing a home can bring in lots of lookers and will usually result in a quick sale. The trade-off is, you don't cash in on the full potential of the property; the return on your investment is lowered unnecessarily. Sellers who price their home right from the start attract the most buyers and sell it within a reasonable time frame for the best price.
WHAT DETERMINES PRICE? When you decide to sell your home, I will conduct a professional market analysis to help you decide the best price for your home. The Home Market Analysis presents an opportunity to review and evaluate the facts before you make a very important decision the price you'll ask for your home. The analysis also helps us look at your home from a buyers perspective -- the perspective that counts when you're pricing your home to sell. Market conditions, supply and demand, and the home’s condition will all factor into the final price for your home. The most critical factors are:
HOW CAN I HELP? It's my business to stay on top of market variables. I have the means to quickly and accurately compare your home with similar properties which have recently sold and often with similar properties currently on the market. With up-to-the-minute information, you'll know the market value of your home and can set your price to sell. E-Mail me if your are interested in selling your home.
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