Pricing In A Buyer's Market
We all know that market values are dropping
throughout the nation. Quite frankly, some are creating an upside-down
effect whereby the remaining mortgage proves higher than what it will
appraise out for. Yikes!
Let's face it, everyone has an ego when
it comes to their home and it always surfaces when the time comes to
pricing out a home. Don't let those visions of grandeur and walking
away with a major profit get in the way of practicality. "You're gonna
have to leave your ego at the door." Successfully selling a home
nowadays for a decent profit means you'll have to swallow a little
humble pie, be sensible and disciplined.
The price is right could
not be a truer analogy. A homes market value will be primarily based
upon those homes most comparable to yours in square footage, style and
age that have sold within the past six months in a 2-5 mile radius of
your location. This is what the bank underwriters base their
determination on. It's not that you realtor is a moron, it's not that
John Doe down the road sold his house for a heck of a lot more a year
ago, it's an industry standard that makes absolutely no exceptions.
Realtors know the industry. Trust their judgment.
If you decide
to sell it on your own, you have to do your homework and keep a level
head. Buyers today are savvy. They're on the web, tuned into the news,
reading articles. They want to be seduced and their looking for
enticements. If a duplicate house is selling on your road for $200,000,
then price yours at $195,000 and throw in a cleaning service to sweeten
the deal to prep the house for when the new buyers move in. Many buyers
are strapped for cash and offering to pay part, or all of their closing
costs will definitely prompt a quicker sale.
Remember, when the Price Is Right, all parties walk away with a smile on their face.
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