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Pricing your home to sell

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Posted: Jul 16, 2009 |Comments: 0

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Pricing your home to sell

By: Ravisankar

About the Author

Affordable homes at Glendale Affordable Real Estate , Gold Canyon Affordable Homes for Sale and Greenfield Lakes Golf Course Homes

(ArticlesBase SC #1042954)

Article Source: http://www.articlesbase.com/ – Pricing your home to sell

Pricing your home to sell

Pricing your home to sell is not just related to your business skills or real estate knowledge. It is a mixture of art and science. It also is hugely dependent on your intuition, foresight as well as research skills.

As you go about pricing your property to sell in the market, you need to do some study into the market conditions. The first thing that you need to know is the time to actually sell. In present times, the sub prime and economic crisis have crippled real estate to such an extent, that all home purchase plans have been put on the back burner and it is unlikely that you would find a buyer ready to pay the price that you are looking to get. Such a situation is most likely called a buyer’s market condition. Here, you will have to hard sell your property and some times even short sell it, to actually get the deal done.

In normal market conditions, pricing is dependent on a lot of factors. Compare prices of property that have been sold in the recent past, say in the last six months, to get a fair idea about square foot rates prevalent in that location. Have a hard look at what your house provided a new buyer, in terms of amenities. Furniture, modular kitchens, wardrobes, heaters, and other electronic equipments can help you add that bit extra to the price of the house. A few value added additions like common amenities in the development can really help you position your home as a perfect abode.

The location of your house is a clear indicator of the market rate, as some upscale areas are really expensive. When you had bought the house, the area would not have been so posh, so look at how it matches to other parts of the city, before you take call. A real estate agent can advise you about prevalent market rates for different areas.

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Ravisankar -
About the Author:

Affordable homes at Glendale Affordable Real Estate , Gold Canyon Affordable Homes for Sale and Greenfield Lakes Golf Course Homes

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Related Homes For Sell Articles

homes for sale by owner – Pricing a Home for Sale by Owner

Copyright (c) 2008 Wes Fernley

Properly pricing a property is one of the most difficult but important parts of selling a home. You want to maximize your profits but you also don’t want to price too high because then you will find yourself with little interest in your house. For homes for sale by owner, this task can seem even more daunting since there is no real estate agent to help. However, there is much you can do in finding the proper price for your home.

The best thing to do when pricing an FSBO home is to compare it with similar houses on the market. The key here, of course, is to try to find homes which are as similar as possible to yours which have recently sold or are currently on the market. You will want to make sure, of course, that houses are in the same, or at least in a similar, neighborhood, before you even look at anything else.

Getting Data on Other Homes on the Market

When putting up a house for sale by owner, it is up to you to find out relevant information for home pricing. There are many ways to go about finding information on homes. For example, you can simply look through the classifieds, or the real estate listings put out by agents. You can even check out FSBO web sites and other locations for homes in your area which are currently on the market.

In many localities, you can also find information on recent real estate transactions at City Hall. This can be a good way to find out about homes sold in your area. If you are willing to spend a bit of money, you can even hire a real estate estimator, however most private real estate sellers prefer to determine pricing on their own.

Comparing Homes

When comparing homes to yours, there are a few things you will want to look at. First off is the square footage. You should look at the area not only of the house itself, but of the entire lot.

Next, look at the number of bedrooms and bathrooms. Once again, you should look at the square footage of these rooms. If the houses are similar in overall size, however, the size of individual bedrooms and bathrooms should be similar.

If you have done any upgrading to your kitchen or bathrooms, look for this in comparison homes. If you have not upgraded kitchen or bathrooms, you will want to take that into account for homes that have, since that will increase the price somewhat.

Lastly you should look at the overall condition of the home. Is it in good repair? What is the state of the landscaping? How much curb appeal does it have?

The more homes similar to yours you can look at, the better. The more data points you have, the better estimates you can make on what the price for your house should be. Even if you can’t find homes similar to yours, you can still determine whether you ought to go higher or lower based on what you see.

This Houses for sale by owner in the Raleigh North Carolina area. You wont be able to find another home quite like this FSBO. This is NC at its best. Just down the street in Willow Spring
Video Rating: 4 / 5

Find More Homes For Sale By Owner Articles

homes for sell – How Pricing your Home to Sell Works

Pricing a home is quite a challenge for everybody. You want to avoid making a mistake in setting the price because it may have serious consequences. If you do not price your home right, you may be on the losing end. Your homes could end up staying on the market for a long time. If it has not been sold for quite sometime, buyers would have the notion that your house is not selling because something is wrong with it. You could lose a lot of money from this. Aside from that, if you are driven to sell your home, you can also lose money from maintenance alone. 

Pricing your homes incorrectly can also lead to an instant loss in your part. This could happen in the case where the seller sets his price too low. Yes, you may be attracting buyers if you sell your homes cheap. However, you can also fail to get the maximum worth of your property. This could mean lesser cash in your part. And who wants that to happen? Nobody! If you are into selling, you want maximum profits.  Therefore, you have to make sure the price is right at all times.

Pricing a home has no standards. However, there are only accepted practices that has been tested and proven over time. Therefore, if you want to make sure you are doing the right thing, here are some tips for pricing a home to sell: 

Always do Research 

Researching involves obtaining of comparative market analysis and checking out listing prices. 

Comparative market analysis is one of the most reliable bases for setting the fair market value of your property. It contains information about properties alike within your area. From the report, you will see features of the homes and the prices they had at a time of selling. Usually, data collected is based on the past 6 months. You can seek the help of your real estate agents to obtain the report. However, some experienced sellers are very well capable of generating the report on their own. 

Listing prices are considered unreliable sources. However, this is a good way to know what your competitor’s prices are. Looking into their prices and comparing their features of their homes to yours, can help you avoid pricing blunders. 

Get an Appraisal 

If in selling you have to know your competitors, you also have to know your buyers. Appraisal is an estimate of your home’s value and lenders use this as a basis for the allowable amount for borrowers to loan. Therefore, if you do not want your buyers getting trouble in financing, consider the appraised value. This can help you set a reasonable price that your buyer’s lender would finance. 

Do not price too high or too low. 

High price could end up getting your homes stale in the market. On the other hand, low prices may forego your chances of getting more profit, which is rightfully yours. Set the price according to its fair market value but make sure it has room for negotiations. 

Consider market conditions 

If you bought your homes with a high fair market value before, you may not be able to set the same price upon selling. Back then, the real estate market was probably booming. However, if the market is depressed, you may be required to lower the price. You have to adapt because this will be the only way to make your property enticing to your target market.

homes for sale by owner – Pricing a Home for Sale by Owner

Copyright (c) 2009 Wes Fernley

Properly pricing a property is one of the most difficult but important parts of selling a home. You want to maximize your profits but you also don’t want to price too high because then you will find yourself with little interest in your house. For homes for sale by owner, this task can seem even more daunting since there is no real estate agent to help. However, there is much you can do in finding the proper price for your home.

The best thing to do when pricing an FSBO home is to compare it with similar houses on the market. The key here, of course, is to try to find homes which are as similar as possible to yours which have recently sold or are currently on the market. You will want to make sure, of course, that houses are in the same, or at least in a similar, neighborhood, before you even look at anything else.

Getting Data on Other Homes on the Market

When putting up a house for sale by owner, it is up to you to find out relevant information for home pricing. There are many ways to go about finding information on homes. For example, you can simply look through the classifieds, or the real estate listings put out by agents. You can even check out FSBO web sites and other locations for homes in your area which are currently on the market.

In many localities, you can also find information on recent real estate transactions at City Hall. This can be a good way to find out about homes sold in your area. If you are willing to spend a bit of money, you can even hire a real estate estimator, however most private real estate sellers prefer to determine pricing on their own.

Comparing Homes

When comparing homes to yours, there are a few things you will want to look at. First off is the square footage. You should look at the area not only of the house itself, but of the entire lot.

Next, look at the number of bedrooms and bathrooms. Once again, you should look at the square footage of these rooms. If the houses are similar in overall size, however, the size of individual bedrooms and bathrooms should be similar.

If you have done any upgrading to your kitchen or bathrooms, look for this in comparison homes. If you have not upgraded kitchen or bathrooms, you will want to take that into account for homes that have, since that will increase the price somewhat.

Lastly you should look at the overall condition of the home. Is it in good repair? What is the state of the landscaping? How much curb appeal does it have?

The more homes similar to yours you can look at, the better. The more data points you have, the better estimates you can make on what the price for your house should be. Even if you can’t find homes similar to yours, you can still determine whether you ought to go higher or lower based on what you see.

More Homes For Sale By Owner Articles

homes for sell – Help Me Sell My House – 6 Basic Steps To Pricing Your Home To Sell In Today’s Market

The first thing any prospective buyer will want to know is the asking price of your home. This is where you need to be careful, go to high and you scare off any buyers, go too low and you are just letting money slip through your hands.

So for those of you asking – “Help Me Sell My House” – here is a guide to pricing your home to sell:-

1) Research the competition – Either drive around your local area or check your newspaper listings or visit real estate websites. Find properties that are approximately the same size as yours, i.e. same number of bedrooms, bathrooms, etc. If you find other similar properties in your area, this can help you price your home just as competitively.

2) Find and visit Open Houses in your area – Just visit every open house you can. Find out as much information as possible. Any renovations or upgrades to things like bathrooms or kitchens? Compare the price and actual property to your own home.

3) Visit your local town hall or county clerk’s office – ask for information on recently sold properties. This is public information and can really help you when pricing your home to sell. This is a great opportunity to educate yourself on homes that have been sold recently in the local market.

4) Get an Automated Valuation Model (AVM) – This is similar type of valuation to a Comparative Market Analysis offered by a real estate agent. An AVM will take into consideration recently sold properties in your local area and give you a suggested range within which to price your home.

5) Don’t pay attention to old valuations – Even if you had your property valued a year ago, the recent economic climate has had a huge affect on house pricing. On average most home prices have dropped up to 20% between May 2007 and May 2009.

6) You don’t have to use an agent or a realtor – Many people opt for the “For Sale By Owner” (FSBO) route nowadays. There is enough information readily available to help you sell your house yourself. Did you know that a real estate agent’s fees are usually between 5% – 7% of the sale price. Let’s say your property is worth 0,000 and your agent charges a 7% commission. Your agent will pocket a cool ,500, while you get 5,500! If you wish to go the FSBO route, you could actually knock a sizable sum off the asking price and still make more profit than if you used an agent!

So it’s not a case of “Help Me Sell My House”, but Help Yourself sell your home!