Sellers and world... I can't fool you! We are in a soft market and there are just some things that we need to work on to "drop the denial" and come to grip with the fact that we have to work harder at preparing, listing, marketing, negotiating and accepting "what it be like".
Before you stop reading and think that this is going to be a downer.... keep reading. This is an attempt to emphasis the fact that there is work to be done, but it can be done - to be able to smile and say "The Price is Right!"
What is pricing all about in a buyer's market? Is your listing price running your buyers away? Are you missing the point?
The Price is Right?? or is it? Things you should do to price right: 
- Know that pricing is about supply and demand - right now the MLS is proof that there is plenty supply by the number of listings that are sitting there collection DOM (days on market).
- Master the art and science of pricing - this is a moving target in this soft & falling market
- Know your neighborhood comps - ask your agent to go over the comps with you. Be clear in what your property has that the other properties that are listed have (this includes: Active, Sold, Expired, Withdrawn, and Pending).
- Let your real estate agent help you out. They have the experience to compile the following facts dong the following (and more....)
- * Check for days on market (DOM)
- * Check & compare for original listing price / compared to final sale price
- * Check & compare price reductions
- * Check & compare final sale price
- * Check for actual sold price
- * Check & compare adjust pricing for differences in lot size, upgrades, other amenities, etc.
- * Check & compare why each did not sell and what does each property have in common (compare similiar houses in the neighborhood - 1/4 to 1/2 radius; check physical barriers and dividing lines - such as major streets, freeway, RR; similar ages and square footage.
- * Check to see what agency listed the property
Things to remember - Buyers gravitate towards:
- Properties that are a deal to them
- Location, location
- Incentives: Can improve the chances of selling at a good price
- In a good condition to where they do not have to wonder if the deal is really a deal!
Pretend that you are the buyer and use the "treat others as you would want to be treated" attitude.
Price reductions are done if the market warrants a reduction
Remodeled for aged properties (kitchen, baths, windows, floors, etc)
Homes that do not have a long list of repairs (either major or minor repairs have an effect)
Move in condition homes
These are few tips that will help you price your home just right for the market at the time of listing. Keep in mind that the market is changing downward at a fast pace, so listen to your agent about where the market is and take their advice on if you should consider lowering the price if the market so warrants this to be done to keep up with the competition and the market.
Short sales work the same on the pricing. Listing agent should be upfront and honest about the market value to the seller, the seller and listing agent should both know that the market changes are major factors in the listing price and whether or not a fair offer will come in and impressed the lender enough for short sale approval.
the Mother and Daughter Realty Team @ Evolve Realty Group - 866-750-8282
www.motheranddaughterrealty.com
;)
;)
