Home Seller Links
Tools for Sellers
Market stats and other data to help you understand the current market conditions
Articles and Guides
Information to help inform yourself about the best way to sell your home or condo
Tips and Tricks to Avoid When Selling
Factors in the Value of Your Condo or House
The market ultimately determines the true value of your property.
Before you compare your home to similar properties and establish a competitive list price, the following points should be considered:
1. Location
2. Size
3. Style
4. Condition
5. Community Amenities
6. Buyer Supply
7. Financing Options
Getting to Know Your Market
A comparative market analysis is an indicator of what today's buyers are willing to pay for a home. It compares the market activity of homes similar to yours in your neighborhood. Those that have recently sold represent what buyers are willing to pay. The homes currently listed for sale represent the price sellers hope to obtain. And those listings that have expired were generally overpriced or poorly marketed.
We, as Century 21 real estate professionals, will prepare a comparative market analysis for your home based on the most current market information. Together we will establish the proper list price for your home.
Reasons for Over Pricing:
1. You've spent $$$ in extensive renovations.
2. You found that there were hidden costs when you moved in and found that it was too much to carry.
3. You desire to purchase a new home in a higher-priced area.
4. Original cost of home was too high and now you are trying to recoup some of the extra you spend.
5. You are lacking real market information – you need the proper facts.
6. Many sellers build in "bargaining room" for when they actually get the offer.
7. Perceived emotional value – your children were born there, etc – it means so much to you but the problem is that Buyers don't see that. In their eyes it's a house to buy, without emotional strings – yet.
The Sad Results of Overpricing:
Many sellers believe that if they price their home high initially, they can lower it later. But it may be too late at that point. Often, when a home is priced too high, it experiences little activity. Gradually the price will come down to market value, but by that time it's been for sale too long and some buyers will be wary and reject the property.
On occasion, the price is dropped below the market value because the seller runs out of time. The property sells for less than it's market worth.
YOU CAN MISS THE RIGHT BUYER!
You may think that interested buyers "can always make an offer," but if the home is overpriced, potential buyers looking in a lower price range will never see it.
Those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.
The Importance of Early Activity:
As soon as a home comes on the market, there is a flurry of activity surrounding it. This is a crucial time when Real Estate Professionals and potential buyers sit up and take notice.
If the home is overpriced, it doesn't take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.
It's important to really think it over and be reasonable when you list your home for sale. Of course you want the best price for your house, who doesn't? The best way to get that is to price your home at market value. Or, another excellent idea is to list just a bit below market value which usually brings in multiple offers and then the final sale price is often over the asking price.
We hope this is a bit of helpful information for you in your expanding knowledge of home selling. Please feel free to contact us should you have any questions or are ready to embark on your home selling journey!