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A house that is priced 10% over its
actual market value is many times less likely to sell in the initial 30
days of marketing than one priced within 5% of its true value. Not only
will an over-priced home take longer to sell, it is also likely to sell
for less than it's actual value. This is due to the "discount"
often associated with properties that have been on the market for a longer
than average time. It should be pointed out that recommended listing prices are based on
historical sales and current market conditions. It is always difficult to
walk the fine line between getting the most for a property while at the
same time ensuring your asking price is competitive enough to attract
serious offers. How you feel about testing the market will determine how much higher
than the current selling prices of similar properties you'll wish to ask
for your home. You can always start at a higher price than the market is
currently bearing and then, if necessary, reduce your price at a future
date. The drawback to this is that it could take longer than normal to
sell and you could end up helping to sell other similar homes as they may
look comparably less expensive than yours. The Main Factors That Affect Market Value Are... Location: availability of community amenities, such as public transportation, parks, stores, churches and schools, quality and consistency of neighborhood planning, future development plans and local zoning Property: style, layout, size, age and quality of construction of the building. size, shape, privacy and landscaping of the yard Condition of the Home: first impressions, floor plan, quality and condition of fixtures, general overall condition of main mechanical systems i.e. roof, furnace, electrical system, plumbing, central air Comparable Properties: the asking and selling prices of comparable neighboring homes Market Conditions and the Economy: number of homes currently on the market, number of people looking to buy, the state of the local and national economy, current mortgage rates Market Conditions and the Value of Your Home No matter the condition or desirability of your home, its value will be affected by current market conditions. Here are the various conditions you may encounter and how they will affect you: Balanced Market: Seller's Market: Buyer's Market: IN SUMMARY: The best way of establishing an accurate range of value for your
property is to have me prepare a computerized home
evaluation.
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By properly pricing your home you ensure that the gap between
the asking and selling price is small and that there will be a greater
likelihood of competing offers. Your home will also maintain its
'marketability' for a longer period of time before people start to say...
"That home has been for sale forever. What's wrong with it?"
