Pricing Your Home For Sale

Pricing Your Home For Sale

The THREE main factors to consider in selling your home are LOCATION,

CONDITION and PRICE... and they are all related.

1.Location

Your home’s location and setting influence its value. A home inside a quiet subdivision sells for more than the identical home on a busy street. Proximity to larger centers typically sell for less than those properties more distanced. Views, streams and trees usually enhance value. You obviously have no control over the location but you must keep location in mind when setting the price.

2. Condition

New homes enjoy a marketing edge over resale homes because they are shiny and clean. Builders enhance the new home appeal by offering model homes (Clean, Bright, decorated in current colors and amenities) for buyers to examine. Most purchasers today, request permission to have a building inspection done by a qualified building inspector as part of the offer. Should your property show poorly or have major defects which cannot be or are not corrected, a sale may not take place until the defects are corrected or until the price is adjusted to compensate. Our goal is to make your home as close to a model home as possible....being sensitive to the costs. You have nearly complete control over the condition and you can increase or decrease the value by being in the best possible condition. I will go over each aspect of your property with you using the ‘Preparing Your Home For Sale’ guide to make sure we have your property ‘spiffed up’ before showings.

3. Pricing

If you can buy a new coat at one store for $110.00 you will not buy the identical coat for $125.00. Likewise, your home must be priced within the appropriate range. You must actually “sell” your property three times: to the salespeople, to a buyer and to an appraiser. The salesperson has to be sold on the property before he or she will show it to their prospective purchasers. The buyer is more subjective and compares amenities you offer to what other sellers in the same price range offer. Most purchasers require mortgages. Consequently, they must have a qualified appraisal done on the property in order to get their financing. The appraiser is more objective and compares age, size and cost-identifiable features in your home against other properties that have sold. If your property will not appraise for the amount of money the buyer needs for his mortgage, the sale will be prevented.

If a property has not sold after a reasonable length of time, but other similar properties have sold, then the price may need to be adjusted. If this is true and the price is not adjusted, a sale may be delayed or prevented.