WHAT IS MY HOME WORTH...
The asking price for your home depends on a number of market factors like current competition, market conditions, area demand, property style, property condition & property location. The biggest mistake a seller can make is right here. They take all the market data, get a professional in to help determine a range of value then throw all that out & price it using emotion. You can have the best of everything or the worst or everything they are all worth a certain range of value based on the above factors.
I've learned through experience that to get TOP dollar for your property you need to price it properly to sell within the first 30 days. Old listings like old news doesn't get more of anything, it always get less. Put on your buyers hat before you select your price. Buyers always ask TWO questions of their agents before considering an offer:
1) How long has the seller been trying to sell?
2) What do you think of the price?
Buyers have a very good grasp of market values. Make sure you do before you select your list price. You have ONE chance to be brand new & hit the market with maximium impact make sure you select your list price using the facts.
There are range of buyers out there, all with different needs & motivations. Pricing sounds simple, but it isn't. You need a ton of expereince to properly position a home in todays market.
To high you miss the market, to low you do the same.
By far the biggest reason a seller will get less than they should for their home is that they over-price.
You can price your home where ever you want, just select that price using accurate current market information.
What is the right list price for you?
Three MAJOR items you control to improve your selling price:
There are four basic types of buyers:
The price each of these buyer groups is prepared to pay for you home is different!
What dictates property values:
The different combinations of these six items create huge differences in property values.
There is very little chance most home owners will have enough current market knowledge to answer all of these items and be able to properly compare them and price their home.
How we determine your properties real value range:
PROPERTY VALUE RANGE
There is no one price for any property...EVER!
There is a range of value based on the four types of potential buyers.
PRICE #1: The price your home would be worth in the current market with agreed upon condition changes to appeal to a EXTREMELY motivated buyer group (Top 5% of potential buyers). This buyer group is not there or available at all times for all homes & not the group any seller should depend on. Pricing for this group is very high risk.
PRICE #2: The price your home would be worth in the current market with agreed upon condition changes to appeal to the HIGHLY motivated buyer group (Top 15% of potential buyers). This buyer group is the one I usually suggest sellers target at the start unless we have some extremely unique features or market conditions to work with.
PRICE #3: The price your home would be worth in the current market with agreed upon condition changes to appeal to the MOTIVATED buyer group (Top 30% of potential buyers). This buyer group is dependable to be there & one I usually suggest sellers target if they have an extremely tight timeline some extremely negative features or the market is falling & the odds of selling for more are higher than that sellers comfort zone.
PRICE #4: The price your home would be worth in the current market with agreed upon condition changes to appeal to the OTHER buyer group (The rest of buyers). With careful planning you should appeal to the above buyer groups unless there are major issues with the property..
Example: a property worth $500,000 to the HIGHLY motivated buyer group would might be worth $515,000 to the EXTREMELY motivated buyer group & $485,000 to the MOTIVATED group.
Where do you price?
The best list price for you depends on your personal needs & the odds you're comfortable working with.