Pricing Your Home


Pricing Your Home

Pricing your home is both an art and a science. Achieving the optimal price is the result of both objective research into comparable properties and a gut feeling about your property and the current market.

The right price should:

  • Attract immediate and ready buyers
  • Allow you to "net" the most money possible
  • Help you sell as quickly as possible

The simple fact is, price is the number one factor that most homebuyers use to determine which homes they want to view. And it's important to remember that, although the price is set by you, the value of the home is determined by the buyer. Try to avoid allowing your enthusiasm to impact your better judgment - overpricing is a common mistake that can cost you in the end.

The Importance of Proper Pricing

  • Faster sale and less showing inconvenience
  • Exposure to more immediate and ready buyers
  • Increased Realtor response
  • Generates more advertising/sign calls
  • Attracts MORE offers
  • Avoids being "shopworn"

What really matters is how your home stacks up against the others currently offered for sale and recently sold in your neighborhood. Buyers will be comparing.

Common Reasons for Overpricing

  • Over-improvement
  • Need
  • Purchasing in higher-priced area
  • Original purchase price too high
  • Lack of factual data
  • Bargaining room
  • Move isn't necessary
  • Emotional attachment
  • Opinions of family and neighbors

Dangers of Overpricing

  • Most of the activity on your home will occur in the first few days to weeks. Pricing a home properly and then creating immediate urgency in the minds of agents and buyers is critical.
  • Buyers who have seen most available homes in their price range are waiting for the "right house" to come on the market. That's why if a house is priced right, it will sell quickly. The buyers are there waiting for it.
  • Don't start with a high price and the assumption that you can reduce it later. By the time you decide to lower the price, it may be too late, as interest will have already waned.
  • A major cause for concern is appraisal problems; overpricing can lead to loan rejections and lost time.
  • Even if your home is nicer than other homes in the same area, your house won't be picked for viewing if you set the price too high.
  • Buyers and agents become aware of the long exposure period and often are hesitant to make an offer because they fear something is wrong with the property.
  • Attracting the wrong buyers.
  • Fewer potentially qualified buyers will respond.
  • You might help sell similar homes that are priced correctly.
  • You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.

The Role of a Real Estate Agent in Pricing

  • Provide you with experience, expertise and a comparative market analysis (CMA), a comparison of the prices of recently sold homes that are similar in terms of location, style, and amenities. A CMA is performed by comparing previously sold homes in the area, and currently active homes to know your competition.
  • There is no "exact price" for real estate
  • We don't tell you what we think your home is "worth".
  • The market determines value…together we determine the price.
  • You determine the price based on the factors you control:
        - Marketing time
        - Financing alternatives provided
        - Condition
        - Exposure method
  • Keep in touch with market trends and keep up to date with market activity of comparable homes.
  • Estimate your net proceeds.
  • Help to determine offering incentives.

An agent has NO control over the market, only the marketing plan. Never select an agent based on price.

 

Seller Video Resources

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If you’ve made the decision to remodel your home before selling it, you should do some research to find the right contracting company.
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How to Recognize a Qualified Buyer
When you’re selling your home, it’s exciting to get an offer! But unless your potential buyer has the resources to qualify for a mortgage, you might not really have a sale.
Questions to Ask Yourself When Considering Selling
If you’re thinking about selling your home and moving to a new location but you aren’t entirely sure about the idea, here are some helpful questions to ask when making up your mind.
Tips to Make the Sale Process Faster
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Home Showing Checklist
If you’re selling your home and are getting ready for a home showing, here are some tips that will increase your chances of success.
How To Add Curb Appeal
Want to add some curb appeal to your home before listing it on the market? Here are some tips that will help!
How To Attract More Buyers
Attracting buyers to your home on the market is an important task in order to have it sell quickly. Here are some tips on how to convince buyers to make an offer on your home!
What to Know About the Appraisal Process
After accepting a contract for the sale of your home, the buyer’s lender will send an appraiser to make sure the purchase price is in line with the property’s value.
Is the Buyer Pre-Approved, or Not?
When selling a home, it’s important to understand the different types of loan approvals that you will come across.
Your Cooper City Specialist
We are The Chenore Group and WE are COOPER CITY! Ben Schulman and Reute Sagee are Cooper City SPECIALISTS! They live, work and play in the city and know all that it has to offer! Every Cooper City neighborhood is unique and offers differing options in floorplans, models, and amenities. FAMILY is what this city is all about and FAMILY is what Ben and Reute are all about...Cooper City offers great schools, shopping, parks, and places of worship. Rely on them to help YOUR Family find a place to call home in
Hurricane Season - The "BOX", What Does This Mean?
The Hurricane BOX... What does it mean and how does it affect your real estate transaction? Jeff has some crucial information that you might find useful during hurricane season!

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