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Check the Comps and Price Accordingly

Who knows more what a home is worth, buyers of sellers?

HomeGain.com, a real estate services website, recently completed a survey of homebuyers and sellers.  The survey showed that 76 percent of homeowners believe their home is worth more than the listing price suggested by their real estate agent. 

Buyers, on the other hand, have been doing their homework studying current market values, going to open houses, looking at listings and know values more than sellers do.  Buyers use their heads and know that a house is worth what current market conditions call for while sellers tend to price their homes with their hearts.

New listings usually get the most attention from buyers.  Knowing what is on the market and the prices, buyers are always on the lookout for the next best value.  This is the time when a house gets the most showings and has well attended open houses. 

It is key to have a listing priced correctly when it has the most traffic.  Buyers want to feel like they are getting value and do not want to overpay.  They know that the listings that are selling are priced according to market conditions.

A NOTE TO SELLERS: When determining a listing price for your home, know that real estate agents and appraisers take into account many variables before making their recommendation.  They know the existing inventory and prices of houses similar to yours and what has sold.

They know the condition of the houses on the market.  Knowledge of any recent makeovers or upgrades in the sold units is important in making comparable judgments in pricing.  Lack of a remodeled kitchen with an island or a nice level yard may affect what your house may be worth when comparing to others that have sold recently.

Not everyone is a swimmer so your upgrade of a built-in swimming pool may be a detriment rather than a plus to selling your home.  Realtors and appraisers are there to help you find the true market value of your home and do so with both yours and the buyers interest in mind.

Be aware that you are competing to sell your house, not the memories associated with it.  Price it to drive buyers toward your home and away from your competitors.  Then look for the offers and sell your house!

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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