Monday, June 8, 2015

What Will Your House Sell For?

Figuring out at what price to list your home is crucial in selling it successfully. Obviously, you want to get as much money as you can for your home. But often, sellers want to price their homes according to how much they want or need to get out of the sale—prices that have nothing to do with the home’s market value.

A few things to keep in mind:
  • Realistic pricing will achieve the maximum price in a reasonable time.
  • Your cost or profit is irrelevant; the market determines the price.
  •  The cost of improvements is almost always more than the added value those       improvements confer.
  •  Houses that remain on the market for a long time do not get shown.
  •  A house that is priced right from the beginning achieves the highest value. 

What does affect your home’s value? Buyers. Specifically, what the buyer is willing to pay in today’s market based on comparisons to sold properties in your area.

To find the value of your home, we’ll do a comparative market analysis, assessing the location and characteristics of your home and comparing those to similar homes that have sold in your area. The market analysis takes into account the amount received from recent sales of comparable properties and the quality of comparable properties currently on the market.
The goal, of course, is to find a price that will attract a willing and able buyer in a reasonable time.

Once the value of your home has been determined, we can decide on the listing price. Generally, the price should not exceed the home’s value by more than 5% or potential buyers may not even make offers. Naturally, if you want to sell quickly, your asking price should be very near the value.