PRICING YOUR PROPERTY
Correct pricing is perhaps the single most important thing you can do when selling your property. A competitive price will attract the right buyers in a shorter amount of time. Many sellers think that they can start high and then come down, and in fact many sellers do just this. However, you can miss your most qualified buyers by starting too high. When all is said and done if priced too high you can waste an awful lot of time and money waiting for an offer when you would have been better off pricing your property competitively from the get go.
With your needs and goals in mind, I will help you correctly price your property in today's market. Call or email me today for a free market analysis on your property.
Why won't my property sell?
Generally there are three factors that effect the saleability of a property; LOCATION, CONDITION & PRICE. There is nothing you can do to change location, though this may be a reason that your property won't sell. Condition can be anything from needing a new coat of paint to needing a new roof. You can change condition, but it might be very expensive or time consuming. Price is a factor that you probably have some control over and is paramount in the buyers mind when it come to VALUE. Some buyers might be okay with fixer-upper, but want to feel like they are getting a good value.
Things that do not effect the value of your property
1. Your original purchase price: Chances are you paid market value. Markets change and today we have to deal with the current market conditions which may have changed significantly.
2. Over improvements: Improvements should be made for enjoyment, not resale. You cannot add an item to a property, select it according to your style, use it and then expect a buyer to pay the original cost.
3. The owner's need for money: The owner’s need for money or the fact that the owner is moving to a more expensive area where he/she will have to pay more for a property has nothing to do with the property’s current market value.
4. The cost to rebuild or replace today: It is
probable that the cost to build has increased since your home was built.
Again, this is not a determination of value as the rate at which
building materials has increased is not related to the rise and fall of
the real estate market.
5. The seller's personal attachment to the property:
Most everyone thinks that their home is the best home on the market,
and it may very well be the nicest and best home for sale in the area.
However, your personal feelings about your property do not make it worth
more in the open market.
6. Certain types of improvements: Putting in a swimming pool when you live at 9000 feet above sea level might be an improvement that you will not see any return on due to the extensive maintenance and limited warm months. When making unusual improvements to your property, be mindful that you may not see an increase in property value.