Setting the Right Price to sell your Real Estate
The Critical Step in Selling:
In preparing to put your home on the market, if you want to sell it
you have to decide on the right price point. The higher your price,
the longer the process will take. Whether or not you need you
need the money immediately from your home to purchase a new home,
it's smart to go on the market with a price that's not too high in
order to get a buyer without unnecessary delay, particularly if
you are already committed to the idea of moving.
Being Attractive Doesn't Mean Just Being Pretty
To be successful, the thing to keep in mind as a starting point is being
a more attractive deal than other the competition. Market analysis,
which involves a bit of experience in addition to just seeing what
other homes are for sale in the area, is something best accomplished
by your Realtor if you are working with one on the sale. Setting an
achievable price is definitely an advantage a Realtor can contribute
to get the process started and headed toward success.
Quick Deal Versus Higher Price
It is important to realize that the optimal sale price is not the highest
price you can get from your home, but getting the highest price in
the shortest reasonable time devoted to the process. Your time is
a valuable asset, and that applies as well to the time needed for
finding the right buyer, or rather having that buyer find your gem
of a home. When you take these factors into account the scenario starts
to look a little different. Another disadvantage, if you are in a
slow market is that if you have to reduce your price after a time
of inactivity it tells buyers that you might be in a vulnerable position.
They tend to respond -- too well in fact -- to any perceptible sign
that you are at a disadvantage.
Market Momentum Can Be an Advantage
If it works out that after looking at the case for not going for the
maximum possible price you still have that goal in mind, you have
to wait until you can get that best possible price; you have to give
appropriate credence to the market. Now might not be the time to be
selling, so you may have to yield on the idea of selling quickly --
but still, when the market shifts, you might need to go with little
notice. This could mean having to sell your home before you have another,
and unless you have relatives or friends with whom you can stay awhile,
you will be defeating your purpose in gaining extra profit from the
sale by having to move into short term rental housing until you find
another home. This is not the usual situation but if it happens you
might be able to get the buyers to stay where they are longer. Most
of the time, though, once the buyers know their new mortgage has been
approved they will be anxious to close within a week or two.
And If You Really Want to Sell It Quickly, Setting Your Price Is Not
the Only Consideration
Something that some sellers fail to take into consideration when setting
their price is whether their home is in the same condition as other
homes that recently sold for a good price. Too frequently, a potential
seller will know of a house being sold for an attractive asking price
in the neighborhood and come to the conclusion that theirs should go
for the same dollar amount, turning a blind eye to the features or repairs
that would make a difference. You can, however, get it sold expeditiously
by lowering your price to cover a modest list of needed fixes. You need
to realize, though, that you can only do this with jobs of a cosmetic
or appearance nature In most cases roofing work, roofs and air conditioners
must be fixed before closing. Projects such as renewing the landscaping,
fixing up old gutters and shutters, and fresh paint can sometimes be
overlooked in exchange for a price reduction as long as it is clear
to the buyers that they will be doing some physical labor in exchange
for that great competitive price break they're getting. Doing what you
can to sell the home in the quickest reasonable time will benefit you
immensely.
There are buyers out there who are always on the lookout for such an
opportunity. If your home fits in this category you must be especially
judicious in your price setting to put this to work well. Regardless
of the situation, the best way to win as a seller is by setting your
price fairly and objectively, from the very beginning.
This information was provided by Automated Homefinder, Colorado's best Colorado
real estate professionals.
That is why you want an agent with experience like Gary
Ward to represent YOUR interest as a buyers agent when buying
a home.
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