PRICE YOUR HOME TO SELL
Home Gain.com, a real estate services website revealed that 76% of homeowners believe their home is worth more than the list price recommended by their real estate agent - what the heck, my home is worth more just because I live in it!!
Home buyers usually have a better grasp of current home values where they are looking to buy than sellers who live there do. Buyers look at a lot of new listings - they make offers, know what sells quickly and for how much - AND they know what doesn't sell and why.
Soooo- your home is worth what a buyer is willing to pay for it given current market conditions. Unfortunately, this may not be the same as your opinion of what your home will sell for, or what you hope it is worth. Relying on emotion rather than logic when selecting a list price for your house can lead to disappointing results.
Your home will be most marketable when it is new on the market. Buyers wait for new listings, and usually it's the new listings that receive the most showings and have the busiest open houses. So don't forget that when your house is newly listed it's the best opportunity for your agent to show your house off - but don't forget it's the list price that will entice the buyer to look.
When establishing a list price for your house it helps to understand how real estate professionals and appraisers establish an expected selling price or price range for your home. Both research the recent listing inventory of homes similar to yours that have sold in the past 12 months and then they make plus and minus adjustments for the differences. So, let's say that the house next to yours which sold 3 months ago for $150,000.00, is an exact duplicate except that yours has a fireplace. They would add the value of the fireplace (say $2,500.00) to the $150,000.00 and arrive at a probable value for your home of $152,000.00. It can be a little more complicated than that but it gives you some idea of the process.
It's sometimes difficult for sellers to step back and take an attitude of detached interest in their home. But, it's essential to do so if you want to sell successfully in any market. Don't rely on rumors circulating in the neighborhood about how high a home sold. Prices tend to get inflated when passed from one person to another. Select your price based on facts. Beware of the agent who is willing to take your listing at any price!! They are not working in your best interest.
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