How to Price Your house... To Sell!
How to Price Your House
Market Survey
A Buyer or Seller’s Market? - How many properties are on the current market in this area, how fast are they selling and how near the asking price?
Competition
About the Current Competition - Viewing the competition, quality, condition, location and price would provide helpful information before deciding on price.
Prepare to Sell
Maximize the Value - The buyer wants value for the price. The appearance of the exterior and interior influences the buyer’s perception of value. Fixing-up, repairing, cleaning, arranging, depersonalizing and decorating can raise the value beyond the cost. Get specific advice from a real estate professional.
Price to Sell
Professional Advice - As Real Estate Professionals in your area, we are the best source for a Comparative Market Analysis, statistics and advice on pricing. Pricing in the beginning is very important to take advantage of the initial market activity and to best achieve your goals, needs and timing.
How Much is Your Property Worth?
Not more than a Buyer is willing to pay
Not more than your competition
Establishing Market Value
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Market Value is established by Market Conditions such as Supply and Demand
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Agents do not establish market value. Agents show and market. Buyers buy.
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Property will not sell for more than the value received for the price paid.
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Value must equal or exceed price. Buyers and Agents are sophisticated shoppers.
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Value can be raised by low or no cost improvements.
Factors that have little or no relation to value
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Sellers need for money.
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Cost of improvements.
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Improvements made for the sellers enjoyment may not be as desirable to a buyer.
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Replacement of maintenance items such as water heaters, furnaces and roofs.
Market Activity Vs. Time
Precision Pricing is most important
in the early days of marketing
“Testing the Market” closes the
Window of Opportunity
Benefits of Precision Market Pricing
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Faster Sale
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Better exposure to Agents and Buyers
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Better response to Advertising
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Attracts higher offers or multiple offers
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More money to seller
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Less inconvenience
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Less risk or market condition changes
Effect of Over Pricing
Over Priced properties don’t sell – they get shop worn
Ultimately, they often sell for less than Market Value
Effects and Risks of Over Pricing
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Bad first impression of active Agents and Buyers
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Become shop worn
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Longer marketing period
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Lower net proceeds to seller
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Risk of changing market conditions
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Over pricing insures NO SALE
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Adding “bargaining room” is a burden causing over pricing
Helpful Hints
Choose a Real Estate Professional
The Real Estate transaction is a very complicated procedure involving many different parties with requirements and critical timing. A Real Estate Professional provides the marketing, forms, advice and experience to help achieve your goals.
Your Wants and Needs
Getting the highest price for the value your property offers is always a seller’s goal. The time required to find a willing buyer depends on the status of the market, competition, price, interest rates and other variables. Balancing your future plans with selling your home is the challenge.
Maximize the Value of Your Property
Listen to professional advice. Repair electrical and plumbing problems. Replace worn out maintenance items such as the furnace, water heater, carpet and roof. Clean the interior walls, woodwork, sinks, bathroom fixtures, closets, appliances, drapes and blinds. Brighten with new paint, light bulbs or fixtures. De-personalize by removing family pictures and personal items. Remove excessive or worn furniture. Increase the street appeal by painting or replacing the front door and painting, cleaning, weeding mowing and planting.
Welcoming the Buyers
Buyers are often on a short time frame. The easier it is to show your property, the better chance of a sale. If you can’t show it, you can’t sell it. Stay out of the buyer’s area or leave during showings. Buyers are leery of anything sellers may say. Their own Real Estate Professional will answer their questions.
Selling Your Home
Professional Marketing Advice
Successful methods of selling Real Estate vary from area to area and season to season. As your local Real Estate Professionals we know the best approach for your wants and needs.
Selling and Moving
Selling involves relocating also. Getting ready to sell includes preparing to move. The moving plans may influence the selling plans. Plan the move in advance. To maximize the value, improve the quality, color, smell and feel of each area of the property. Outperform your competition.
Time on the Market
The time to sell a property depends on many variables. The buyer is looking for value for the price. The time to sell depends on how competitive your property is vs. the competition. Pricing to sell initially reduces the days on the market, time and hassle.
The Real Estate Transaction
As your Real Estate Professionals we will explain the steps in your situation. The offer to purchase includes price, terms and timing. There may be contingencies such as inspections, appraisals, mortgage approvals, repairs, changes of dates and addendums. Understand the transaction.
Marketing Plan
Maximum Exposure in Print and on the Net. The marketing plan includes many approaches to attract potential buyers, including such features as the Multiple Listing Service, Internet marketing with our amazing new website:
www.michaelanddeenorris.com Realtor.com Featured Home marketing system, advertising in Real Estate magazines weekly and monthly, flyers, Realtor tours, open houses, signs, personal color brochures, virtual tours, etc.
Contact Us...
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