Don’t be a victim of being on the market for too long, even in a seller’s market!!! Selecting the right price to sell your house will achieve the best results.
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f you’re thinking about selling your house, one of the first steps you’ll take is setting the asking price, a maneuver that requires the ability to find the perfect balance between attracting solid offers and ultimately receiving top dollar. If you’re working with a realtor or other industry professional, you’ll probably hear talk of fair market value, which typically means the highest value an educated buyer will pay. Fair market value is usually not the asking price. Many agents will begin by conducting a competitive market analysis of your house and give you an estimate of the fair market value of your home. The analysis takes into consideration comparable home sales, typically over the last year, while also taking into consideration similarities and differences between the other homes and yours. It will also consider the housing market in your area. If you’re in a hot seller’s market, like several communities throughout metro Atlanta, you’ll have the advantage.
Over the last several months, the market has been gaining steam, and the seller is in the driver’s seat, even more so than in past years. In some areas, the average number of days on the market went from 30 days to 7 days or less. This is great news for sellers, but you’ll still want to be careful and avoid pricing your home too high, which almost always means your house will stay on the market longer, even in a seller’s market. As you work with your agent and set your price, you’ll want to ask yourself (and your agent): What are the facts relative to my house for this market? Be careful when you consider pricing to focus on the factual data available versus emotional connections. What are the market conditions for your specific neighborhood and community? Not all communities are created equal in this market. And not all neighborhoods within a community are created equal. It can be a complex equation to get your price just right. How does my house stack up against the competition? This one is very tricky and it’s often helpful to take a step back and view your house as if you were an incoming buyer. Your real estate professional can also help you evaluate this. Your agent, as well as friends, relatives, and neighbors can assist you by pointing out your house’s advantages and disadvantages from a more objective viewpoint. Am I being realistic? You absolutely want top dollar for your investment but be careful to separate this from the emotional attachment you may have to your home. Also consider your motivation for selling your house. Here’s another thing to consider as you evaluate putting your house on the market: Some upgrades and home improvements warrant being included in your asking price consideration. Kitchen renovations, bathroom renovations and some others should be factored in. Some are lifestyle additions that you and your family enjoyed while living in the home. Also, the more personal the improvement, like a swimming pool, or a sunroom the less likely it will be viewed favorably by potential buyers. While you may be able to recoup some of your investment, it won’t give you 100 percent of what you paid. Your real estate agent can help you evaluate what return percentage you can expect on your home’s improvements. You can reach me via cell or email and let me know if I can assist you with a free, personalized market analysis for your house.
Deborah Ratchford Keller Williams Realty Cityside 678-570-4779 / Debratchford@kw.com
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