Pricing your home is the key to success!!!

Properly Pricing Your House
Is The Key To A Successful Sale!

No two houses are the same. There is no exact price for a house because no two sellers have the same economic and personal conditions associated with the house. Ultimately it is the buyer who determines the price of the house. The amount they are willing to pay.

The first step is performing a total market analysis. The goal is to determine what is happening Nationally, Regionally, Citywide, and in the Neighborhood. This information is readily available in local newspapers, magazines and on the Internet. Interpreting this data can be tricky, so you may want to consider hiring a professional to assist you in this phase of the selling process.

Below are three methods to get an accurate price for your home:

Method 1: Interview real estate agents and review FREE CMA’s

Problem: They will vary by 5-10%. How do you know the agent isn’t trying to buy your listing? (By pricing it high and getting you excited to use them.) How do you know the agent is not under pricing the listing? Almost all real estate agents work on commissions a lower price means a quicker sale.

Answer: No simple one. If you decide to go this route, get enough data points to have them correlate well.

Method 2: Buy an appraisal.

Problem: Less than 10% of the residential appraisers can create a 90-day in the future market value. They are trained to review history, not the future. This training encompasses setting value not maximizing the potential sale price. As example, most relocation companies require two or three appraisals to overcome this deficiency in the appraisal process. Also, most appraisers will place no value on the color of the house, cabinets or changes made in school districts. Studies have shown that 65% of the buying decision is made by the female.

Answer: If you are looking for a quick, inexpensive glance at the value of your home, check out Electronic Appraiser. It is an Internet data provider and is a very cost effective way to get comparable home sale data. Two Free sites are Zillow and FirstCoastHomeValues.

Method 3: Buy a Broker Price Opinion (BPO)

Problem: Whose do you buy? How will you know it is accurate?

Answer: There are many real estate companies that are skilled at creating BPO’s. BPO’s differ from appraisals in that they address salability of the property based on present and future condition in addition to the location of the property and other factors. An experienced broker will also consider the street, the subdivision, the number of buyers in a market and the time to sell in the specific market your home fits in. To learn more about these types of services, check out Fees for Services at Capstone Residential.