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How To Determine The Price Of Your HomeW. Troy Swezey Why is it that some homes sit on the market for a year while others sell like hot cakes Frustrated sellers will blame a bad market, while a good real estate professional will tell you that many times, a slow sale is often attributed to the listing price. If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and “shows” better than the competition, it will have a better chance of being sold quickly. The secret is perfecting a technique that’s as American as apple pie: comparative shopping. Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it’s one of the best methods to use when determining a home’s market value. A responsible real estate agent will effectively evaluate a home’s worth through a process known as Comparative Marketing Analysis CMA. Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. Typically, the agent is able to recommend a realistic price range that will ensure you top dollar and a reasonably However, factors such as the amount of time needed to sell your home can alter the agent’s price recommendation dramatically. Typically, people should check with real estate offices in the community to determine the typical duration that listings are on the market. Sales associates will explain that the marketing “norms” vary with prices and properties. Based on this criteria, the agent feels confident that he or she will be able to sell it for a price that both you and the buyer will be happy with. However, if you’re under time constraints because of unexpected job changes or moving agreements you’ve made on another property, this will narrow your chances of selling the home for top dollar in the market. Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property. The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer and other factors, such as the economy, could cloud your view of how much your home is really worth. Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to shore with you. A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you’ve picked is a good gauge of the home’s worth and won’t discourage qualified buyers. Being open and honest about what you see as the home’s greatest strengths and biggest weaknesses will also help an agent get a better feel for how to best evaluate or assess and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you’re well on your way to a speedy and fruitful sale.
| ![]() | ![]() | ![]() | RELATED ARTICLES Working With Your Real Estate Attorney Purchasing or selling a home will probably be one of your largest and most important financial transactions.Before signing a contract to purchase or sell a home, both buyer and seller should consult an attorney to assure that the real estate transaction will be handled legally and professionally. Real Estate: Financial Considerations $$$ Raw land as opposed to improved property is much more difficult to finance through traditional lenders. The main reasons are that it generates very little income, development costs can be expensive, there are no buildings or improvements that can be used as collateral, and it is often considered speculative. Dealing With Dual Real Estate Agents Historically, real estate agents have represented the seller of a property. The seller, after all, is usually the one who pays their commission, and agents therefore have a fiduciary relationship with the seller. 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They often begin to ask themselves the question, “Should I consider buying a home, condo/town-home or some other type of real estate that I can call my own” Due to the fact that housing has up to this point always been provided for or lived in on a rented basis we tend to find that our newest contributing members of society find themselves at a loss for the most beneficial and advantageous way to enter this next phase of self-sufficiency. How To Spot A Good Buy Beauty is in the eye of the beholder, particularly when it comes to buying a home.Features that attract one home-buyer may repel another. The 9 Critical Steps To Success In Demolishing Your Money Worries For Good! Articles on How to make money come a dime-a-dozen.How about a fresh, new perspectiveHeres a rather unique, untapped, revolutionary article about the 9 Simple Yet Powerful Steps You can use right now to Demolish Your Money Worries for Good,...for Life,...Forever! Tax Advantages In A Home Business Every year, several thousand people develop an interest in "going into business."Many of these people have an idea, a product or a service they hope to promote into an in come producing business which they can operate from their own homes. Tips on Getting Your Mortgage Loan Approved What is important to lenders 7 Essentinal Resources for Small Business So you want to start a business but you dont have a lot of money Start your business online, and it wont be a problem. Lease Purchasing Is The Perfect Home-Based Business Some call it the 30 second commute. We call it wonderful. What are we all talking about Working from home, of course. How to Research and Purchase a Good Investment Property How to Research and Purchase a Good Investment Property Paralysis By Analysis Every day we get emails and telephone calls from people who want to get started in Real Estate. We hear, I am just checking out your program. Or, I’ve been researching for the past six months to try and find a program. While researching and checking out programs is an important step, so many of these individuals never follow through to the next step, which is getting started and moving forward. The Truth About 1-900 Numbers 900 numbers have been heavily advertised over the last few years as a great way to make money. Everybody from Dionne Warwick to Don Lapre are getting in on the pay per call action Living and Retiring in Bolivia A beautiful and inexpensive place without a tourist in sight. Sound like a dream Its not. This slice of paradise does exist. Nestled high in the Andes Mountains of South America, Bolivia is a little-known retreat exotically spiced with a unique Latin and Native American flavor. Bolivia has a lot to offer…a very low cost of living, unspoiled natural environment, friendly people and a range of climates to suit virtually every taste. How To Create A Website In Less Than A Week Heres a really simple way... any novice can create a fully functional website in less than a week. Internet News Services Explode Online It seems no matter how much information comes available online, people thirst for more. ![]() |
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