Pricing Your Home in Today’s Market
Your home as seen by you
Pricing your home at the right price is the most difficult thing a seller has to do. I have the same problem as a real estate broker always thinking “My Property” is worth more. The best thing to do is ask a third person who is knowledgeable about price to give you an idea what the value of your home is worth. It will usually surprise you and you will think he is thinking too low. You have to learn to put your home on the market that for a price that reflects the current value. Buyers look at comparables, especially in these times of computer access to all the sales through the internet where buyers can look up properties and know exactly what they will sell for. Most of the buyers I know are more knowledgeable about the prices in a community than some of the realtors I know. What does this mean to you when you are pricing your property for sale? Are you realizing that your buying market is that knowledgeable?
Your home as seen by a buyer
Look at the sales in your community (Closed Sales) in the last three months and see if properties are selling for what you are thinking of listing for. Look at Current Listings and see if your price is competing with what is available for sale. How many homes are near your price and size? You can look at the pictures on the internet and see if the homes close to your price have more or less upgrades than your home. This is what buyers do, shouldn’t you? Be careful of the listing prices on your street syndrome. If your neighbor lists high it doesn’t mean he will sell his home.
We are currently in a market where prices are declining and may do so until next February or March. If you want to get sold then price it right and the buyers will make an offer on your home instead of your neighbor. If you are buying another home, the seller of that home has had to come down to meet this current market price. Remember, ” your home is only worth what a buyer will pay for it.”