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A Home Owners Guide to Selling a Home
Competitive Market Analysis: The first item to consider when selling your home is pricing.
Out Of Range = Expired Up to 35% of all homes put on the market will not sell. The prices at which these homes are expired represent the 'out of range' price.
Upper End of Range = For This represents asking prices only. They have not been attained in the market. If you are not getting the results you expected, the price is too high.
Lower End of Range =SOLD! These are the actual sale prices and are your best evidence on which to base your pricing decision. Compare sales prices with houses similar to your own to obtain the correct range of pricing to sell.
Value Trends in the Market: Prices in the real estate market rise and fall over time.
A rising market may capture the home and in turn it will then sell. A flat or declining market makes pricing crucial. Team Polk can advise you on the current market trends to better assist you in your pricing decision
Polk's Pricing Principles: 1. Cost The amount you actually paid for the property plus any capital improvements made since the purchase of the home.
2. Price The stated amount an owner is willing to accept for a property.
3. Value The amount a buyer is willing to pay given a certain set of circumstances.
4. Market Value The amount that will bring a sale between a willing buyer and a willing seller. This is based on the history of similar properties sold in the area.
5. Regression & Progression The effect that the surrounding home sizes have on the value of your property. Regression is the decrease in value when surrounded by smaller homes. Progression is the increase in value when surrounded by larger homes
Overpricing is Often the Obstacle: Over Improvement Improvement should be made for enjoyment not just for resale.
Need An owner's need for money does not increase the value of the home.
Buying in a higher priced area Values are location specific. High values in the destination do not increase the value of the existing home.
Original purchase price is high - Chances are you paid market value. It's not a price that was too high, but a market that has experienced subsequent change.
Lack factual data - Base you opinions of value on recent documented sale prices.
Bargaining room - Buyers may offer low, but they will do that at any price. It is easier to negotiate up to fair market value than to an inflated price.
Move isn't necessary - Even if the move isn't urgent, it is important to price correctly to preserve your marketing opportunities when the move becomes urgent.
Benefits of Proper Pricing: Faster
Less inconvenience: If you've moved before you know the energy it takes to prepare for showings, keep the home clean, make child care arrangements and alter your lifestyle. Proper pricing will reduce this.
Exposure to more prospects: At market value, you open your home up to more people who can afford the price.
Better response from advertising and sign calls: Ad calls and sign calls to Greg Polk turn into showings when price is not a deterrent.
Attracts higher offers: When a home is priced right, buyers are less likely to offer low out of fear of losing a good home.
Means MORE money to sellers: If a home is priced right, the excitement of the market produces higher sale prices. You net more both in terms of actual sale price and in less carrying costs.
Deciding to sell your home is a big step. Make sure it is a step in the right direction by choosing the realtor with the most experience, the knowledge to sell your home. Greg Polk (860) 798 - 7035
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