Pricing Your Home   

 Selling Your Home    Preparing Your Home    Selecting Agent     Marketing    Inspection   About a CMA        CMA      Short Sales and Foreclosures

 Pricing your home is not a heads or tails proposition nor can you just pick a number out of the air! You must do your homework and PRICE IT RIGHT. You can depend on your agent to do a CMA (comparative market analysis) to compare your homes to others like it in your neighborhood. This is a FREE service offered by most agents and is an invaluable tool to help you with your pricing.

Did you know that the only difference between a 2 month and a 9 month listing is the price?

The CMA will research listing prices in the current market. Most buyers, if not all, are influenced by the listing price. How you set your price will greatly determine the number of interested buyers your house will attract. Buyers are comparing your home to others in the market and to others that have been sold. You need to do your homework by comparing other listing prices and recent selling prices within your neighborhood and other surrounding ones before setting your price. The current real estate market dictates what buyers are willing to pay.

Pricing your home properly is the most important step in the selling process......If it is priced correctly it may sell for more than the asking price. If it is not priced correctly it could sit on the market for weeks, months or year(s). 80% of marketing is pricing.

The listing price contributes greatly to the number of interested parties and offers you will receive.

Ultimately, it is up to you to set the listing price. Take into account your agent’s advice, the current market situation, and recent sale prices before deciding upon your listing price. Also, know what your bottom price is. This will help you set a listing price that allows room for negotiation. But keep in mind that your bottom price should not be set in stone. During negotiation, you may find that what you might lose in dollars will be made up in other areas.

It is important that you set your listing price at market value. Even a few thousand dollars above market value can influence how long your house will sit on the market, especially during a cold or normal market.

Remember, you are listing your house so that you can sell it. It is better to have multiple buyers interested in your property at a market value price than few or no buyers interested in your overpriced property.

The more buyers who are interested, the hotter your property becomes. And this can motivate buyers to make offers on your house.

The consequences of not pricing your house right are:

  • less offers
  • less showings
  • less agent response
  • less qualified buyers

In the end, your house will sell for less than you wanted and sit longer on the market.

Be a contestant on THE PRICE IS RIGHT and come on down to the settlement table!!

In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.

The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market, and the property's worth. The key is to get many people checking out your property at a fair price instead of having no buyers because your price is set too high.

Another important factor is the condition of your home. Make sure that your home looks ready to be sold. Fix any defects (peeling or faded paint, cracks, stains, etc.) Condition alone can sometimes prompt fast buying decisions. Not only should you fix any defects, but consider upgrading your home by making major repairs and cosmetic improvements before selling. A nice looking home triggers the emotional response that can lead to a financial response.

Learn how to negotiate the best terms for all parties involved. Terms are another factor which may be adjusted to attract buyers. If you insist on getting your asking price, think of what you can offer to the buyers, for example, improvements you've made, or even offering seller financing at a lower than market interest rate on a portion of the sale price. Convince them why they should be paying the price you have set.

Lastly, get the buzz out about your home. List your house with a hot agent that ensures your house is listed on the MLS and on the Internet. On your own, get the word out. It should be visible to passerby’s that your house if for sale, whether it be signs, local advertisements or you telling friends, family, and acquaintances.

If you are selling your home in a holiday season - make sure your home is not over-decorated. Prospective buyers may just see your decorations, not your house. Keep everything in moderation - remember all buyers may not celebrate as you do and over doing it may turn them off completely on your house.

Make a good first impression -

If you want buyers to be interested in your home, you need to show it in its best light. A good first impression can influence a buyer into making an offer; it influences a buyer emotionally and visually. In addition, what the buyer first sees is what they think of when they consider the asking price.

A bad first impression can dissuade a potential buyer. Don't show your property until it's all fixed up. You do not want to give buyers the chance to use the negative first impression they have as means of negotiation.

Ask around for the opinions others have of your home. Real estate agents who see houses everyday can give solid advice on what needs to be done. Consider what architects or landscape designers have to say. What you need are objective opinions, and it's sometimes hard to separate the personal and emotional ties you have for the home from the property itself.

Typically, there are some general fix ups that need to be done both outside and on the inside. As a seller, you should consider the following:

The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.

Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA. The CMA will reflect the following:

From the CMA, you will find out the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours.

Also, try to find out what types of houses are selling and see if it applies to your area. Buyers follow trends, and these trends can help you set your price.

Always be realistic. And understand and set your price to reflect the current market situation


FASY REAL ESTATE - "Your SECOND home is our FIRST priority!"  

   609.398.8000       fax: 609.398.5084       cell: 609.602.4493


 
   


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