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Pricing Your Home Right- from the Start
One of the most important factors in selling your home is to price it as accurately as possible from the beginning. Some sellers want to “test” the market by offering their home at an elevated price point to see if they get any bites for the ultimate goal of walking away with more money in their pockets. Of course, that is goal of every home seller- to maximize profit to go forth with the next purchase, relocation or retirement but it will not likely be obtained by over-pricing your home listing, but pricing your home right from the start will.
By testing the market with an inflated price, one that is not supported by recently sold homes in the neighborhood, some sellers are actually achieving the opposite of their goal. The over priced listing may languish, and sit on the market for longer and the price will eventually have to be lowered anyway, and many times to below market value. Sadly, this type of listing is often overlooked because it has become stale. Both agents and buyers may summarily eliminate that home from their search because it has been on the market for a long time and they may assume something must be wrong with that property.
Pricing your home right means looking very honestly at the condition of the home, the up-grades (or lack of), the location with-in the neighborhood and most importantly the recently sold homes in your area. A good real estate agent will be able to provide you with the neighborhood market activity including what has sold in the last six months-, which is the criteria an appraiser will use when appraising your home for the buyers loan. And he/she will also show you what is currently for sale or under contract and help you compare your property with those homes. Listing at the right price will likely mean your home will be shown more and ultimately be sold for more.
By Tracy Tkac
Evers & Co.