Setting the Value
Establishing the market value of your home can be one of the most difficult yet most important steps in the selling process. If you price your property too low you risk losing thousands of dollars in equity. If you price your property to high you risk having your house languish on the market for an excessive period of time.
One of the myths of real estate is that real estate brokers set the prices of properties in the marketplace. The sellers, of course, set the asking price; however it is the buying public which actually sets the true value of real estate. Buyers will comparison shop for homes that fit their needs and offer good value for their dollar. If the price is too high, buyers will quickly see that another property offers more value and will move to purchase that one. This is basically the law of supply and demand. When there is a high inventory of product, prices generally move downward. When there is a low inventory of product, prices move upward.
Factors That Determine the Value of Your Home
There are many factors that determine the value of your home in the current market. The home itself is only part of the puzzle.
Location: Where your home is located may be the single most important factor when determining the value of your home.
Condition: The condition of your home affects the price and how quickly it will sell. The appearance both inside and out can bolster the buyer's perception. Since emotion plays a large part in buying a home the buyer's first look is important.
Price: Establishing the correct price for a home will insure a quick sale. A comparative market analysis will enable you to decide the optimum price for your home.
Competition: Buyers will evaluate your home against others they deem comparable. Properties currently for sale and properties that have recently sold in the area will have the greatest impact on the market value of your home.
The Market: The real estate market is always changing and these changes may affect property values. Knowing that it is difficult to forecast the market, a flexible marketing plan will help prepare you and your home for sale.
By researching the recent sales of homes in your neighborhood, you can determine the approximate price that your property will sell. The information regarding recent home sales can be obtained from several different sources. Most counties record the deed transfers of all properties within its boundaries. Also, for a fee you may decide to hire a certified appraiser to look at your house and complete an appraisal, however, our brokers will do a complete fre market analysis of your house to help you establish its true value. Please complete the information form below to the best of your knowledge.
| How do I prepare the house for sale? |
First and foremost, put it in the best condition possible, especially if you are in a market with few buyers and lots of homes for sale. That means taking care of any major repairs that could deter a buyer (such as replacing any broken windows or replacing a leaky roof) if you can afford it. Next, work on your home's curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weed the garden beds. Plant a few annual flowers near the entrance or in pots to be placed by the door. Other quick fixes that don't cost a lot of money but can help you get top dollar for your home:
- Clean the windows and make sure the paint is not chipped or flaking.
- Be sure that the doorbell works.
- Clean and freshen up rooms, furnishings, floors, walls and ceilings. Make sure that bathrooms and kitchens are spotless.
- Organize closets.
- Make sure the basic appliances and fixtures work. Replace leaky faucets and frayed cords.
- Eliminate the source of any bad smells, such as the kitty box. Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting.
- Invest in a couple of vases of fresh flowers to place around the house and next to any information about the house you have prepared for buyers.
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