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Pricing Your Home Right

Pricing your home is an art. Ask too little you will sell fast but feel that you may have been able to get more. Ask too much and your home may stay on the market for a longer time and eventually give buyers the imperssion that it is undesirable. Buyers may wonder why the home couldn't attract any interest, a possible sign that something is wrong with the house. Buyers today are very sophisticated and have more tools than ever to gather market information, including home listing web sites that allow them to research the marketplace at the click of the mouse! They almost know better than the brokers what the homes should be priced at! When your home is priced right you will be much more likely to attract interest from more than one buyer.However, if your home is overpriced or reduced, it may sit on the market for a longer time and may give the appearance of being undesirable. Much of the time these homes will eventually sell for less than their value!
The key question is: How do you set the price anyway?
One good way is to rely on your real estate broker! There will be a comparable market analysis which compares recent sales prices of similar homes in the neighborhood to get a feel for what the market will bear. Agents can also bring other knowledge including a sense of how many similar properties are currently on the market. Also compare the amenities of the homes previously sold. . If there are many homes available you will want to make sure yours will stand out! Either by making your price more competitive or following the tips I have listed above. If your home is lacking comparables due to a lack of sales in your area or uniqueness you could get your home appraised.This could take several days or weeks and cost between $200 and $500. It may be a good  investment if there is little data to determine a price. In the end, make sure you base your sales price on some real information about the current  marketplace, and make sure it's in line with what the market will bear. If not, selling your home could turn out to be a much bigger headache!

The five most common mistakes sellers make when choosing a price:

1.Not choosing the right price when a property is first listed. In other words, thinking "we can always come down."

2.Putting the property on the market at an unrealistic price. A property must be priced on a comparative basis to other similar properties.

3.Not relating marketing time to price. Generally, the quicker you want to sell, the less you should be willing to take.

4.Calculating brokerage fees on top of the sales price. A home is worth what it's worth, with or without a commission.

5.Thinking that buyers aren't comparing your home, on a dollar-for-dollar basis, with every other home on the market.

If you want to know what is predicted for the 2008-2009 housing market please contact Mary Burke for the latest Economic Forecasts that affect your decision to purchase or sell your home Please visit my page Frequently Asked Questions for more subjects not covered here or e-mail your questions directly. There is no obligation and I would love to help you!

Nothing can take the place of direct contact so please feel free to contact me either by phone or e-mail with any questions you have about the community of Irvine, Orange County Real Estate or to schedule an appointment to discuss your real estate buying/selling plans...

Experience Matters! Contact Mary Burke today! 949-275-6544