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Why Pricing Realistically Gets Home Seller’s The Most Amount of Money
- To dovetail from the last segment about Five Keys to Thrive When Selling Your Home, the 1st is “Be The Best Home on the Block and the Last is… is “Pricing Correctly”
- According to NAR, when a home seller prices their home too high then SLOWLY walks the price down, they will actually NET less money than they would have had they priced appropriately from the beginning.
- You cannot rely on most automated ‘guestimate’ valuations like Zillow, the Tax Assessor, and Realtor.com
- By law, the values on the Tax Assessment are supposed to be 18 months BEHIND the current market. We have a rising market, so that value typically is too low.
- Zillow & Realtor.com just averages all the homes around you without regard to the condition of your home, its amenities, or views, no does it account for sudden market changes as we are seeing right now in the higher-end market.
- You need a great real estate agent that knows your area, has seen your home, understands similar sales around you, and can implement a great strategy to command the most money when you sell.
What are some factors that a home seller needs to consider when pricing their home?
- Besides finding an agent that knows the area and can select the best appropriate sales to give you a good value range, you also need to consider:
- What homes are currently selling for and how fast are selling
- What the homes that are similar that did sell and what did they look like both inside and outside
- What is the home seller’s own motivation for selling?
- I work with all kinds of home sellers. Some need to sell right away and some do not.
- The ones that do not need to sell right away tend to price too high, and the typical result is those homes sit on the market for a long time.
- There is also an assumption that if they price a little high, the buyer will make me an offer, right? No!
- I had a nice BRI home … (Quail Glen Story)
- The problem with a home sitting on the market, in this seller’s market is some buyers fear there is something ‘wrong’ with the home, or if they don’t find something else, the watch and wait until the price comes down.
- That’s why an agent and a home seller’s education about the market is a very important decision.
- Some people price their homes according to how much money they have put into the home. I wish it worked that way, it does for brand new homes, but it really does not for resale. Some improvement is very much worth the investment and others are not. E.g., landscaping/curb appeal, flooring kitchen, and baths will usually pay off. Richard….
We are here talking with Barb Schlinker of Your Home Sold Guaranteed Realty, you can reach Barb at 719-888-3736 or visit www.BarbHasTheBuyers.com.
1) If a home seller is thinking of selling and they want to get a good idea of what their home will sell for in this market, what do you recommend they do?
- We offer a FREE, no-obligation consultation on what to do and what not to do to get their home ready to sell, show them recent sales, go over all the expenses of selling and show them how much money they will put in their pocket when it sells. They can just give us a call to schedule a time…
Thanks for reading Barb Schlinker the Real Estate Voice of Your Home Sold Guaranteed Realty, you can reach Barb at 719-888-3736 or visit www.BarbHasTheBuyers.com