If it’s time to sell your house, setting the right sale price is one of the most important decisions in front of you. Sales of comparable houses is a key factor in that process. Perhaps your neighbor just sold their house over the list price, and you may be thinking that you can use them as a comparable (a comp) for pricing, right? Of course, that makes sense, if you live in a neighborhood that has similar homes or houses built by the same builder. If your house is unique or a different size, you’ll need to research this further and it is not always easy to find a recent comparable home sale to help establish your list price. That is why working with a seasoned real estate professional is a must. They are experienced in setting a list price to pique interest, leave room for negotiation and to sell at the optimal price. You don’t want a list price too low, of course, but did you know about the problems with a list price that’s too high? True Story: in April 2017, I witnessed a seller who overestimated the worth of their home. They believed online estimates, watched their neighbors sell for over $1,000,000 and were sure that their agent didn’t know his stuff when he suggested they list at $740,000.
They pushed the agent to list at $899,000, they felt that their new floors, baths and renovations would be a hit. The agent wanted to list at $740,000. He knew that while their square footage was high, their recent renovation was a very specific style, had eliminated space in the dining room, and while it had four bedrooms, the fact that they spread over the three levels of the home made it less than desirable for young families. This eliminated a large percentage of potential buyers. But the agent eventually agreed to list the house at the sellers’ desired price. So what happened? The home lingered on the market until they ultimately lowered the price to what the agent initially recommended, and they then accepted an offer $2,000 under the lowered price, $738,000.
Selling Too Low
No one wants to make a financial mistake by leaving money on the table. Remember, the market drives the price and the market worth of a home is determined by supply and demand. If you get too hung up in the comparable data you may lose time and potential buyers while your home lingers on the market and gets “stale,” in the language of real estate. You want your home to hit the market with the best strategic price so it gets attention. While comps can give you a point of reference and a glimpse of how strong the real estate market is, it is the real estate professional familiar with your neighborhood who will interpret the comps properly and apply the information to your home to get the best price.
You Are Lucky
Your employer offers a homeownership benefit which provides an array of services for you at no cost. The Advantage Home Plus Homeownership benefit maintains a network of real estate professionals who reside in your locale. They have been vetted and have inside knowledge about the market and home prices in your area.
The Advantage Home Plus Homeownership benefit provides NO COST help to you while you’re buying or selling one of your largest assets. Contact our representatives to walk you through the buying and selling process, as well as the mortgage process. We can match you with the perfect real estate professional, and finance a loan that may save you THOUSANDS in mortgage fees. Our staff is waiting to help you to get started. Call us at 1-800- 376-4603 or contact us at email@example.com