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Selling Tips & Techniques
Setting The Asking Price of Your Home
Along with location and condition, the pricing of a house
is a major component of the reasons why a house will--or
will not--sell quickly. Although the pricing should not be dealt with
lightly, some sellers have a tendency to put too much emphasis on the
price and not enough on the condition, ending up with a house that is
overpriced for its current condition and the overall market. Even if
you find an unaware buyer that appears willing to pay the high price,
when the buyer applies for a mortgage, the chances are good that the
lender's appraisal will force the price back down to market value.
It's important to get it right the first time
Care and time should be taken when establishing the original listing
price for several reasons:
- If the house is overpriced, it won't sell. If it doesn't
sell and sits on the market the listing quickly becomes stale.
- If you overprice the house with the intention
of reducing the price later just to "see what the market will bear",
when the price of the house is lowered, it signals
to buyers that it was (and still may be) overpriced.
- If the house is underpriced, it most likely will sell
quickly--to the detriment of your net proceeds.
Some factors that affect the price of a home
- Location: You can't get away from this one. If your house is located
in a desirable area that is in demand, you will be able to get a higher
price than you can for the same house in a less desirable area.
- Condition: A house that has been better maintained
and shows better will always sell for more than one that has had deferred
(neglected) maintenance and needs work.
- Desirable amenities: If a house has amenities that
are currently popular in the marketplace, it will bring a higher price.
Methods of setting the price
Home Valuation (also known as Comparable Market Analysis) :
A comparison of similar properties in the same general
area that compares actual sold prices. I can help you
with that. Please contact me for a
FREE Home Valuation!
Traditional Appraisal: A estimated valuation
is placed specifically on your house by a professional appraiser. An
appraisal will take into account location, condition and sale prices
of comparable properties in the neighborhood.
Let's Get Started!
The first step to getting your homse sold quickly is
to set the right price. For more information about how
to price your home to sell quickly, please contact
me. I would love to meet
you in person and discuss your options. |
