Pricing Your Property
Pricing is an important component in finding the best buyer for your property. Pricing correctly to begin with is critical to the sale of your property - and the accomplishment of your real estate goals. As you consider price for your property, there are few important questions that must be answered:
- First, what do you think a buyer will pay for your property?
- Second, how do you want to position your property by the price you ask?
- Third, what is the real market value for your home?
- Fourth, what are your selling goals?
- And fifth, how quickly you want to sell?
1. Knowing the price you think a buyer will pay for your property is an important first step toward establishing the price range for your property. You can have a number of people (even professionals) with opinions or suggestions for a price, but you need facts not opinions. Before list price is established, you need the review the market value of properties similar to your property and the selling prices of similar properties. Keep in mind that listing price is not always the selling price.
2. Buyers select properties by comparison shopping. They consider such thing as location, condition and value for the price. When your property goes on the market, it's in the competition for the attention of buyers - and the sales professionals they rely on. Make sure you view your property through the critical eyes of prospective buyers and establish the price accordingly.
3. Property market analysis will help you understand what's happening in the market, what buyers will pay for similar property, what buyers won't pay, and what properties are currently on the market competing for buyers' attention. You control the list price for your property and the condition of your property but the buyers establish the market value of your property - by the price they are willing to pay. The closer you are to market value price, the easier it is to sell.
4. As you begin property sale process, it's important to know answers about your selling goals. What is your most favorable terms, time frame, price range, advertising, marketing tools, and are you ready to merchandise and/or improve property condition before you put it on the market.
5. The list price you select will have a direct effect on how long your property is on the market. For a faster sale, your property should be priced more competitively. Keep in mind, a slower sale does not necessarily ensure a higher price.
Remember, pricing is your choice. But the better it looks, the easier it is to sell. Also, the closer you are to market value price, the easier it is to sell. Learn more about the risks of overpricing.
HELPFUL LINKS:
- Get Realtor on Your Team When Selling
- Getting Your House Ready to Sell
- Make the Necessary Improvements
- Quick & Easy Ways to Spruce Up Your Home
- Create a Good Marketing Plan
- Bathroom Makeovers
- Open House Tips
- Moving Tips
- Community Info
- Real Estate Glossary
- Real Estate Terminology
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