Pricing Your Home
Deciding on a Price
Pricing your home correctly is the most important step in today's market. Before deciding on a price, it is important to talk to a licensed Realtor. Although you know your community well and may be able to estimate the value of your home, you may not have the means to find the comparables that appraisers would use to value your home. Also, many times a home's uniqueness may add or detract from the perceived value.
The Comparative Market Analysis (CMA) is used by most Realtors to determine the price of a property. This method uses three types of home criteria: 1) homes that are active (currently for sale) on the market 2) homes pending or under contract and 3) homes that have recently been sold. Because of the up to the minute data we have access to, using a licensed Realtor can really make a difference in the valuation of your property.
Why don't some homes sell?
Why hasn't your home sold? There are a variety of reasons that homes stay on the market for a long time. The list below highlights most of the reasons why homes do not sell.
Your price is too high
Yes, we have all seen that home before. Why on earth would someone list their home so much higher than the rest of the comparative homes out there? No wonder it has sat for over a year without a contract offered a neighbor says. There are always more than a few reasons why homes are priced too high. Regardless of the reasons, pricing your home too high is a means to an end. Even if you do get an offer for the inflated sales price, the deal may fall apart before closing due to the home not appraising. When a home does not appraise, the mortgage company will not lend money to the buyer. In today's market, it comes down to whatever the buyer is going to pay for your home as well as the homes that are comparable which will determine the final sales price.
Your homes Condition
You have a lot of competition out there. Therefore, your home must be in tip-top shape to compete. There are a few buyers out there whom love to get fixer-uppers. A majority of home-buyers do not want to do anything but move in and start living. In getting your home ready for sale your best "bang for the buck" is in improving the condition of your home with paint and flooring. Make sure all the walls are in good condition and the paint is fresh (walls and baseboards). Repainting does not cost too much, and will usually make the biggest impact on buyers. Flooring is the second consideration. You may want to consider putting in new carpet, not that expensive, but new carpeting really makes a difference in the buyer's eyes.
Location, Location, Location
We've all heard this before. "Location, Location, Location." But it still remains a fact that where you live determines the value of your property. Take into consideration the schools, area, shopping, transportation, crime rates, safety, parks and recreation. All these factors impact the value of your home. The same home in a better location will sell for more than the home in a less desirable location.
Your Marketing Campaign is Out of Steam
Your agent should be doing more than just listing your home on the MLS and putting a sign in the yard. 86% of home-buyers search the Internet for their homes. The most important vehicle for advertising your home is Internet exposure. Ellingson Properties web site is one of the top ranked web sites in the state of Florida, it is no wonder we have so many satisfied clients.
The Market is Slow
When the market is slow, it is a buyer's market with an over abundance of inventory. The best way to become a sale is to monitor the pricing and be aggressive with the advertising. Our Professional Team has experience in this market.
Can people get into see your home easily?
When a busy agent is compiling a list of homes to show a buyer, the agent will naturally tend to show those houses that are easiest to gain access to first. Many homes on the market have "electronic lock boxes" on them. You should let your agent put a lock box on your home for easy access. Homes that are listed as being "lock box, no appointment needed" will get shown more often than homes listed as "agent has key, call for appointment." You need to make sure your home is one of the easiest homes to be shown. Because there are so many homes on the market today, many agents will not even show homes if it is by appt only. With that you may have just lost a great opportunity to sell your home. We are advocates of vacating the property for showings. Many buyers and agents feel more comfortable having the home to themselves. This makes it an easier transition in placing "their stuff" into your home.