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Some property owners I work with begin their listing interview by saying "We need to net X amount of dollars to sell our home. An owner may continue by saying "Terry we owe X number of dollars on our mortgage and we need to payoff X amount of debt. If your commission is X, let's add all those numbers up and that will tell us how to price our property.
If you picture yourself as a buyer of your home, does it make any difference to you that the seller owes X amount of dollars? Of course it doesn't. Buyers shop by comparison and quickly recognize properties that are fairly priced and avoid the Ineedtonet formula priced properties.
Fair market value is what buyers are willing to pay for similar properties. The best way to determine fair market value is to shop your competition. I have access to all sales records and we will look at things like how many new homes compete with your resale home. Pricing of new homes tends to place a ceiling on the prices of resale homes. Terms can also affect pricing. If you are willing to offer more attractive terms than your competition, you may attract more buyers and ultimately receive a higher sales price.
If you price your property correctly buyers will say Iwannabuy your home.
Whether you’re thinking about buying or selling or merely seeking information, rely on me to provide accurate up to date information about the marketplace today.
Send me an e-mail message and ask to be added to my Real Estate Matters e-mail mailing list. Every two weeks, you'll receive a copy of my most recent issue automatically in your e-mail.
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