Wednesday, October 20, 2010

Realtor Resource Article on Using Comparable Sales to Price Your Home

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Welcome bloggers and readers. Here's another great tip on Real Estate Sales. Read the article for useful information on pricing your home to sell. While this piece tells us things to do; here are a few things to avoid:

1. Pricing at an amount thats just enough to cover your payoff on the mortgage. This won't work, because you'll need to factor in closing costs, such as: transfer and recordation taxes, final tax bill, title fees, and broker compensation if a Realtor's services are being sought. Estimate your seller closing costs to be approx. 7.5 to 8.5% of the sales price.

2. Price high and plan to negotiate down. Major NO-NO! You'll price yourself out of the market and miss over 50% of qualified buyers. In addition, pricing too high will make your home the "show home" for other homes on the block. Instead of showing yours, buyers and agents will schedule appointments to see other homes because the perception is that your price is too high. Buyers are savvier today than years ago.

3. Follow the neighbor's pricing plan. This won't work for you because most likely your needs and your neighbor's needs in the sale of a home are different. We don't know what they owed on their home, who has more equity, or what condition the home was in when it sold. With all these variables, I'd recommend pricing based on your needs and the current market conditions in your area. Be reasonable. Make sure your needs are met, and if possible price affordably so buyers will see value in your home and make an offer.

Lastly, prepare to cover closing costs, advertising, signage and related expenses to marketing a home. With all this in mind, I say GET A QUALIFIED REALTOR to help sell your home. As a Realtor, we're aware of current market conditions and can guide you accordingly in getting the best price in the least amount of time, if your expectations are both reasonable and complimentary to the current market. Buyers are EVERYWHERE! We just have to find em. Thanks for reading my blog. Happy selling. Hope to hear from you soon, if I can ever help with your real estate needs. Call me at 443-538-1631.

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