Local Selling Tips

Your real estate agent is the best resource for marketing your home and suggesting the correct listing price.  However, it is you who sets the asking price- not your agent.  How can you determine the right price.  You'll need lots of information and a real estate agent with a proven track record to offer you realistic recommendations. 

Far too often, after interviewing several real estate agents, Sellers choose the agent who suggested to them the higher listing price.  One needs to understand the process of determining market value in making an informed decision about pricing a listing.  An appropriate price is one that will attract a prosepctive buyer.  In determining this price, a Realtor with access to the Multiple Listing Service and who is knowledgeable about the local market, will gather data from recent home sales in your area that are referred to as comparables.  These recent sales indicate what Buyers have been willing to pay and are the best predictors of what a prospective buyer will be willing to pay for your home.  A licensed real estate appraiser uses this data, as well, once a Buyer approaches the bank for funds to purchase your home.  If the appraised value is lower than your listing price, a bank is not going to lend the buyer the cash to make the sale happen.  Some important questions to ask when selecting a Realtor include the Realtor's sales experiences, the average days on the market of their listings, the price to sales ratio, their successes in marketing their listings and getting them sold, and their reputation in the community.  All Realtors in your community have the same data from which to pull comparables and there should not be a $50,000 to $100,000 difference in pricing from one professional to another.  Look closely at the comparables used, ask questions, and be realistic in pricing if you want your home to sale in a reasonable period of time.

The final sales price of any home will not be a penny more than a buyer is willing to pay.   Buyers tend to recognize when a home is priced fairly and are more willing to make an offer closer to the asking price.  The reverse is also true.  An overpriced home stands apart from the rest and is often used as a yardstick to justify the purchase of other homes.  You can make the sale happen by pricing your home carefully!