Sellers Info
Market Analysis
What is the CORRECT price for your home? There are several
factors to consider. Many sellers will drive around the
neighborhood collecting flyers from other listed properties to
get an idea of what their home is worth. Keep in mind that
listed price and selling price are often different. There are
usually differences in each home's square footage, lot size,
and floor plan, as well.
My personal approach also takes into account the motivations of the seller. A person who is relocating next month may be willing to take a lesser price in order to complete the transaction before the move.
In order to be accurate in deciding a listing price, I collect
data such as recent sale prices of other nearby homes with
similar features,
current interest rates (which control how much
buyers can spend), and current local events which may lure or
deflect house hunters.
Then I sit down with the home owner and
discuss the options of prices.
If a home is priced correctly, there should be an offer within 30 days. Knowing this, sometimes sellers wait until they are ready to move to list their home. I even suggest leaving the home vacant if possible, making it as easy as possible for the real estate agent to show, and easy for future homeowners to move in. A vacant home also appears more spacious than a furnished one, so if you cannot move, at least pack your lesser used items and put them into storage.
It is always important to not over inflate your home's value. Would you buy a home for a high price? When an agent shows a buyer 10 homes, the buyer can usually spot the overpriced one. If a buyer wants a $195,000 home, and the seller is asking $198,000, the buyer may never see it, or think they can't afford it. That higher price could mean longer marketing time, which often makes a buyer think "What's wrong with it? Why hasn't it sold?"
The bottom line is: listen to your real estate agent when they give you advice. If a doctor took an x-ray and showed you the fracture, would you say "Forget the cast, I think it's just a bruise?" Experienced agents see the inside of the property market in their area. Set aside your emotional attachment to the home you are selling (after all, you are moving), then review the data, and where the information came from. Use the realtor's knowledge to your benefit. Get your home SOLD.