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REAL
E S TAT E with CHRIS HINES F R O M U N R E A L E S T AT E
The biggest issue many homeowners face when listing their house for sale is the price. You want to get the most you can, but be careful when it comes to pricing it too high.
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any homeowners are no doubt caught up in the great prices being achieved in the current buoyant market. In making the decision to sell, you do the research to find out what comparable homes in the area are selling for and how long it takes them to sell. You decide to list your property at the top of the market because you have serious upgrades and the research shows comparable homes are moving pretty quickly. While you may be willing to wait a bit for an offer, you run a risk of sabotaging yourself. Time is a two way street in the real estate industry. While you are probably not particularly interested in waiting a long time to move the property, buyers are considering time as well. Specifically, they are wondering why so much time has passed since your home was first listed. Is it an indication that there is something wrong with the property? Many potential buyers will start to think so. If you price the property at the top of the comparable market, you run this risk and selling becomes very difficult. One justification many sellers make for picking a high price are upgrades done to the property. In many scenarios, this is logical and makes practical sense. That being said, you may be in for a nasty surprise.
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Most buyers prefer to make the upgrades moderately knowledgeable buyers will not themselves, not pay a premium for what take the bait. you have done. Ultimately, this means the Pricing your property for sale is a trick higher price may find little interest because issue. Figure out your market and make your the value of the upgrades is ignored by the own conclusions. To maximise profit, it is potential buyers. This can also lead to the best to be in the middle of the market, but frustrating situation wherein you realise you always below other homes that are superior spent more money on upgrades than you will to your property. ever get out of the property. Ouch. Once again, as I have said before, find Once again, another a reputable Real great reason to have Estate Agent, who an agent come and can appraise your Many potential appraise your property property and also buyers will start before starting show you documented to think so. If you renovations if your aim evidence on how they price the property at is to sell. came to that price. the top of the If you are renovating Just remember one for you own enjoyment comparable market, crucial piece of advice and long term comfort you run this risk and though, don’t choose in your home, by all selling becomes very an agent based solely means go ahead. difficult. on the price they tell The final risk you, choose the agent associated with pricing whom you believe has your property at the the relevant skills to market your property top of the market is the potential it will and get you the best price. Together, you be ignored. The general rule in real estate can then come up with the correct pricing for buyers is to purchase the lowest priced strategy. home in an area and then fix it up. With The best strategy to get you home sold minor changes, appreciation gains can be is correct pricing, great presentation and significant. standout marketing. If you get these three If your home is already at the top of the key points correct, you put yourself in a great market, a buyer really cannot do this and position to get your property sold regardless will actually have to wait for other properties in the area to appreciate. Savvy or even of market condition.
