The 3 Things you should know about Price ~

What’s the most asked question that I receive from people about real estate?  What’s the #1 tip that I could pass along?

Well there’s actually 3 things that are enmeshed together – Price, condition, location.  All 3 actually make your home either sell or be rejected by prospective buyers.

Price - Obviously in this market with the elevated inventory you have to be ‘spot on’ with your homes price.  Too high and no one will take your home seriously and it will be passed over.  Too low?  Well that really doesn’t happen too often except in distress sales, foreclosures and the like.  A fair price – what a seller is willing to accept and a buyer is willing to pay.  That’s what we normally strive for.

When an agent puts your home on the market, it has to be sold three times.

The first sale is to my peers, the other REALTORS® and agents who are in the market everyday. They need to be excited about the price or they simply ignore the listing because it's often a waste of their time to show it to buyers who won't pay that price.

The second sale is to the buyer, and they compare your home to the others they're looking at in the marketplace comparing features and benefits that are important to them.

The third sale is to the appraiser for the lender. Even if we're lucky enough to get a higher than market price from a buyer, the appraiser compares the sale with past sales in your neighborhood and their appraisal usually hits right at the market price.

Now let’s think about this question for a moment - if you bought a home and the appraisal came in lower than what you paid, what would you do?  How would you feel as a buyer?

I'll tell you what normally happens from past experience, the deal falls through and we begin the whole process all over again.  Start again at square one, we’re back on the market baby!  How would you feel about that?

Be sure your home is set at a competitive price.  Remember the ‘3’.

  
  Lyn Sims (847)230-7324 RE/MAX Suburban

The 3 Things you should know about Condition
The 3 Things you should know about Location

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

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Home Selling Advice on Price ©2009 Lyn Sims - RealEstateConsumerInfo.com