If you are selling your home or property, or you are thinking of selling in the near future, now more than ever is the time to have it priced right!
To be sure your property is priced correctly; here are some tips that will help you. A realtor can assist and guide you through the pricing process, but you, the seller, must be pro-active as well. First of all, just because your neighbor down the street sold their home for a certain amount a year ago, does not mean that your property is worth that much in today’s market. Secondly, when a realtor provides you with a comparable market analysis, or CMA, for your property, look at it closely. Pay particular attention to the sold properties within the last six months; what did those sell for? How long were they on the market before selling? How similar to your property in square footage, lot size, bedrooms and bathrooms were they? Was there any type of special “concession” which was made to make the deal possible?
When you decide on a price range, seriously consider how your property will be positioned in the marketplace. For example, if you and your realtor come up with a price range of $290,000 to $310,000 and decide $300,000 is the list price; think about the benefits of pricing and positioning the property at a price of $299,999. The reason for this is very simple; potential buyers usually ask their realtors to send them listings from the multiple listing service in search parameters of $50,000 increments, in this example the $250,000 to $300,000 range. If you had priced your housed at $325,000 (just to see what happens), not only are you outside of the price range you had just set, but you could easily miss a qualified buyer.
Many times it is not the price, but the positioning of your price compared to the competition. If you priced too high compared to the competition, you may actually help to sell your neighbor’s property instead of yours.
Finally, what is the value you place on moving into your next property? Sometimes there is a value with being done, moved and settled into your next property. Moving on can be a huge money and emotional saver. Of course, this value is different for all of us.
If you really want to sell, consider these pricing tips and considerations. These tips will help set your property apart from all of the other properties in this increasingly competitive real estate market.
Chris Fraser is a Realtor with Park Place Realty, LLC and can be contacted at Fraser@KalispellAgent.com
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