HOW TO GET THE
PRICE YOU WANT FOR YOUR HOME
Getting the right price is a two
step process. The first step is to accurately determine the right price
range for your home. The second is preparing your home for sale. Making
sure the home shows in top condition helps you get top dollar! This
article deals with setting the asking price. Please read
Tips for a Faster Sale to prepare your home for prospective owners.
80% of your marketing is done in the 20 minutes you spend setting the asking
price for your home. (the "80/20" rule)
Price is the question most buyers ask first - many prospective buyers
never see your home because:
Begin by creating a detailed description of your home. This includes the number
of bedrooms, bathrooms, and the size of the home in square feet. List
all amenities such as
a basement (finished or unfinished), a fireplace, and the size of the lot.
Include the age of the home and list all of your local school districts.
These details will help you accurately compare your home to others on the
- They see the "same home" for
sale at a lower price. Based on this paper analysis, they decide
not to bother visiting your home.
They decide not to visit your home because it is
"out of their price range" and there are other homes available at a price they
An analysis of recent sales in your neighborhood is a good starting point, but
it is not sufficient to help you properly price your home. It is important to understand how buyers look for
Consider how you conducted the search to find the home you've now decided to
sell. You probably considered many different neighborhoods and communities
to find the home that best matched your requirements.
The prospective buyers who will be viewing your home will conduct their
searches in a similar manner. That means they will be comparing your home to
brand new developments, older homes, etc. They will also consider
various locations including established neighborhoods, the middle of town, the
suburbs, and country properties. Each home will have a different look and feel
and prospective buyers will consider many variables in their search for a
home. Therefore your home will be competing in a marketplace that
includes homes in your neighborhood as well as similar homes in a much
Another important factor is the overall condition of the marketplace. Is
the market very active, or relatively quiet? Are homes selling quickly, or
are they on the market for months? Market conditions have a strong
influence in your pricing decision.
Remember that you must sell the price of your home 3 times. The realtors, the
buyers and the appraiser. If any of them don't feel your home is worth the
value you have chosen, the deal can die, sometimes just days before closing.
Please contact Barb if you'd like some help pricing your home. She can prepare a Comparative Market Analysis (CMA) for you at no
charge or obligation. Together you can determine the pricing strategy that is right for your
in today's market!
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