Apply A Little Art - And Science - to Market Your Home
By John Voket
No seller wants to take less than their home is worth, but they don't want their property languishing on the market for an extended time because of the price tag.
That’s why it’s important to do a little research before fixing your price to sell your home.
Summer Mandell, at the Texas Association of REALTORS® (texasrealestate.com) recently posted three easy-to-remember tips to help homeowners target their best offer to a motivated buyer.
Decide on the right price - Real estate markets are localized, so the sale price of a home across town may have little to do with what a home in your area of town is worth. Mandell says determine the right price by finding out how the property compares to similar homes nearby, called “comps.” Comps are an important part of determining price because they reflect neighborhood conditions.
Show sellers you’re serious - Hitting the sellers’ perfect price doesn’t guarantee they will accept. Homeowners consider the amount of earnest money in the proposed contract, and Mandell says a higher number shows a higher level of sincerity about the purchase and may place your offer above others.
Be flexible - Some sellers may have a strong preference for when they close, so by meeting their timeline, an offer gains strength. When possible, stay away from contingencies, or make them as moderate as you can. A slightly lower offer from you may be more attractive than a higher offer contingent on a prospect needing to sell their own home first.
A recent post at a leading real estate company site points out that, ultimately, homeowners choose a listing price based on their understanding of all available data. But they shouldn't list and sell a home for any more than a buyer is willing to pay.
That makes pricing it right both an art and a science, so it's probably wise to involve a local and trusted REALTOR® when mulling over what your home is worth. They will help price your home high enough so it sells quickly, without it sitting on the market any longer than you can afford.
And they will make sure you don’t list so low that potential buyers question the condition of your home.
Reprinted with permission from RISMedia. ©2014. All rights reserved.