THE BEST ASKING PRICE FOR YOUR PROPERTY
Setting a realistic price for your house that reflects current market values will help sell your house quickly and for top dollar. When you price your house properly, you increase the chances that the offer you receive will nearly match your asking price, and that there will be competing offers - which may net you even more in the long run.
Your property has the best chance of selling within its first seven weeks on the market. Studies indicate that the longer a property stays on the market, the less it will ultimately sell for. A property priced 10 % more than its market value is significantly less likely to sell within this window than a property priced close to its actual market value. About 75% of houses on the market today are 5-10 % overpriced. Sellers will usually over-price their homes by this margin if, either, they firmly believe the home is worth more than what the market indicates, or if they want to leave room for negotiation. Either way, if you choose to over-price you run the risk of increasing the amount of time your house spends on the market, thereby decreasing the amount of money you’ll ultimately receive.
At the other end of the selling spectrum are houses that are priced below a fair market value. Under pricing often occurs when the owner is interested in a quick sale. You can bargain on these homes attracting multiple offers and ultimately selling quickly at or above the asking price.
The knowledge and skills of an experienced REALTOR® will be invaluable when determining an appropriate asking price. It is the job of your REALTOR® to know the current market and market trends inside and out, to be closely connected to the real estate market at large, and to be aware of other properties currently for sale in your particular area. Based on this range of connections and knowledge, your REALTOR® should counsel you on how to price your home properly in order to attract the highest price possible, in the shortest period of time.
The market will always influence a property’s value, regardless of the state of a home, or its desirability. Here are the types of market conditions and how they may affect you:
A REALTOR® is trained to provide clients with this information about the market, helping you make the most informed decision possible. They will guide you through the ups and downs of the market and keep you up-to-date with the types of changes you might expect.
Evaluate your house in the other main areas that affect market value:
Market Conditions/ Economy: The market value of your house is additionally affected by the number of houses currently on the market, the number of people looking to buy property, current mortgage rates, and the condition of the national and local economy.