The
Crucial Step of Setting the Right Price
Lake Norman, Mooresville, Huntersville, Denver, Davidson
Property
The biggest error made by sellers in any market but
especially in a growing market like we have in the Charlotte and Lake
Norma area is expecting too high a price. With a price that is
unrealistically high, a house will stay on the market for a lengthy period
and that is deadly. This can be particularly problematic if you have
selected your next home, with the pressure to obtain the resources to make
the commitment on your new home.
Price for Value
To be successful, the thing to keep in mind as a starting point is that to
be successful you have to be the very best buy in the area. If you are
working with a Realtor, he or she will be able to provide you with an
analysis and tell you the price structure of success in the current
market. A good Realtor is familiar with the market and can assist you in
setting a good price point that will be to your advantage in making the
sale.
Quick Sale Versus More Money
You have to start off knowing that the optimum transaction is not getting
the highest price you can possibly get from the deal, but getting the
highest price in the shortest reasonable time. Your time is a valuable
asset in its own right, and that applies as well to the time needed to
find the perfect buyer, or rather having the right buyer locate get around
to locating your gem of a home. If you look at it with this in mind, you
can start to see the problem in a new way. Especially
if you are in a slow time in the market, dropping your price after a time
of inactivity communicates the idea to buyers that you might be in a
vulnerable position. They tend to respond all too well to any signal that
you are under pressure.
You Might Have to Make Compromises
Market conditions may determine not only the price you can get for your
home as mentioned above, but when the sale can best be successfully
accomplished as well. It just might not be the time for you to sell now
for that top dollar price, but still, when the situation changes you may
have to go with little notice. You might have to be willing to wait, or
take advantage of a market shift and sell quickly, depending on market
direction and momentum. That situation could be especially troubling;
though you may have options available such as staying with family or
friends for a time if you have to sell your home before you have another,
more likely you would have to move into a short-term rental situation
which could whittle away at the money you might have made with your
timing. In some cases, the buyer might delay taking possession of the
property if you ask, especially if they want to stay in their current home
a little longer. In most cases, though, as soon as the buyers know their
mortgage is approved they will be anxious to close within a week or two.
Home Condition:
The Condition of the Home Impacts Both Price and How Fast the Sale
Is Completed
It is just too easy to not think about differences in value when you are
deciding on a price for your home and you see others selling at good
prices. If you have not maintained your home in excellent shape, you may
not be able to sell it at the same good price as similar homes. If this
happens you may be successful in pricing it to sell quickly by offsetting
the price of any repairs that will be left to the new homeowner. This
would result in a lower selling price but, offsetting it, a lower level of
involvement on your part. Again, what is your involvement and time worth?
Work of a serious nature such as a crack in the foundation, roofing, and
fixing heating/cooling units may not be eligible for this kind of
treatment, although you can get away with it for things that affect the
way things look. Things like fixing windows and shutters, cleaning the
carpets and other similar projects can be avoided by lowering your asking
price for the home. There are buyers who go out of their way to look for
just such opportunities, since they like to see themselves as being adept
at trading their own effort for money in their pocket -- and you can
benefit from this situation if it applies to your home, but only if you
price it to sell. Remember, considering both the expense of spinning your
wheels and having the house sitting for too long
a time for sale, both in terms of foregone monetary opportunity and time
and in the erosion of the home's advantage in being fresh and new on the
market, the best thing you can do is to price it right from the start.
Sell it without giving it a chance to lose its luster.
This article was furnished by Automated Homefinder, the
Colorado real estate resource.
