Thursday, September 20, 2012

I couldn't possibly put a price on my home

I'm getting lots of calls about listings - which I love. And in this weird/odd/bizzaro market the longest conversations are about pricing. As it should be - beyond staging your home it's the one element that can most immediately dictate a sale. Price too high and you're hosed - price too low and you may feel like you left some money on the table...so how to price it...Just Right?

For Sale SignAs a seller, pricing has to be the single most difficult issue to deal with.  “How do I price my home”?  The simple answer would be, of course, to hire an agent, but I find that answer a bit flip.  The truth of the matter is that pricing a home is NOT an exact science.  Sure, some agents are better at it than others, but in reality, we simply review the data that is made available to us.  We look at the sold homes and the pending homes and attempt to identify a trend and then assign value to your home.  This may, in fact, not be what buyers are willing to pay for it.  Things like that change, and can change quickly.

So what do you do?  First of all, when talking to your agent, be realistic and be honest.  Be upfront with what you owe on the property and take a good look at the cost of selling your home.  Any good agent will work up an Estimated Net Sheet which will estimate how much money you will have in your pocket once the sale is complete.  In the end, it shouldn’t matter what you sold the house for - Did you end up with enough money in your pocket to do what you wanted to do?  If yes, then you were successful!  Conversations with your agent can determine if your home’s value is solid enough to compete in this market.  Most agents I know, are happy to provide you with this information at no cost or obligation.  I know I do!  This is at the heart of what I do as your real estate consultant.


Looking for a place to start your research on home values near you? Look no further

Chris W.
chris@chrisjwood.com
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