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REAL ESTATE VIEWS & NEWS
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How To Price Your Home For A Successful Sale

By Heidi Lippacher - Sep 06, 2010

Views : 122

 
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Price your home incorrectly and it could mean a long stay on the market and a final selling price lower than what you had originally hoped.

Should I price my property high so I can come down?
No. By pricing your home too high you actually encourage a buyer to go elsewhere. Buyers are usually looking at a number of properties and they are price comparing. If your property is overpriced in relation to the others the buyer is seeing, then the buyer most likely will be driven away. When you meet with Heide she will help evaluate the recent sales and property activity that applies to your property and help you determine the best pricing strategy.

Price
If your home is overpriced in the real estate market you are fighting an uphill battle that you may never win. By pricing your home too high your home will likely sit on the market longer and may eventually sell for a lower price than you originally hoped. Pricing your home more competitively in the market will lead to early interest and a greater number of offers.

Withdrawn & Expired Listings
The majority of expired listings are due to an owner being misinformed on price, and setting a list price that was too high. Another means for expired listings is the lack of exposure and the proper marketing.

Sold Comparable Properties
  • Reviewing the HISTORY for expired and withdrawn listings will determine whether any of the sold properties were taken off the market and relisted. If so, adding those days on the market is necessary to arrive at an actual number of days on market.
  • Adjustments in pricing should be considered for square footage, lot size variances, upgrades, finished basements, larger garage and additional bathrooms, waterfront property
  • Updated kitchens, landscaping, decks, patios etc.
Why an appraisal before your home hits the market might be wise?
The fresh appraisal will help accurately price the home and ensure it will eventually appraise for your asking price at the time of the sale. Sellers are sometimes shocked when their house appraises below the asking price, which could cause a deal to fall through.
It's important for sellers to have an expert opinion about their home's value before setting an asking price. One of the best ways to do this is through comparative home sales known as comps and appraisals.

What are comps?
Unlike tax assessment values or the replacement value that an insurance company would calculate, comps relate directly to current market conditions. Comps originate from records stored in real estate databases, describing homes that have sold in an immediate neighborhood or similar nearby area. They're what most Realtors® and appraisers use to value homes. The time frame of the comps will vary according to the market.

Comps match certain characteristics of the home you're valuing. For example:
  • Location: Preferably within a six-block radius
  • Size: Square footage, lot size including the yard, and number of rooms (especially bedrooms and baths)
  • Age: The years built and renovated
  • Condition: Whether the home is in mint condition, needs updating or is a fixer-upper.
  • Features: The details and amenities of the home, such as a remodeled kitchen or a great bathroom etc
When Your Ready To Sell Disconnect Your Emotions
You need to think of your house as a marketable commodity, Property, Real estate. Your goal is to get others to see it as their potential home, not yours.

Agent and Marketing Plan.
After your home has been retouched, staged and priced competitively your agent Heide will implement a great marketing plan to get the word out about your home. When hiring me I will ensure that I am not only knowledgeable, experienced, friendly, and hard-working, but also that I have great marketing skills to effectively promote your home to all potential buyers.

Heide Lippacher
516.662.8790
Charles Rutenberg Realty
www.heidilippacherhomes.com
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