Seller's want to know, "How do I Properly Price My Home?" -Bronx, NY
I recently wrote a blog about this topic, and did not fully answer to question. Part of the problem with answering such a complicated question is that there is too much involved in pricing a home besides just looking at the comparables.
Yes of course the comparables are important, but they do not always tell the entire story.
One of the reasons you want to call a realtor is that realtors spend a majority of their time speaking with buyers and sellers daily about pricing.
Typically, sellers want to sell thier homes for more than they are worth, and buyers are looking to get the best deal possible. Especially these days, when the market has been consistently sinking for the past two and a half years.
Emotion has a lot to do with it. 99% of all sellers are emotionally attached to their home. Which means, they feel that their home should sell for more money, just because its their home. This sometimes prevents a seller from selling.
In today's market if the home is not properly priced it will sit there and become stale.
However their are a list of items that can get your home sold for more money than your neighbors, these are special features, that if your home has, the buyers will pay a premium for them. Here are just a few of those features.
- LOCATION, LOCATION, LOCATION!
One cannot deny the fact that if your house is on the "sunnier" side of the street, or if all the neighbors take better care of their homes, this will ad value to your home. On the other hand, if your home is in the same neighborhood, but on a dead end street, or a street where the homes do not seem to be well maintained from the outside, this will also affect your bottom dollar. Buyer are very visual, and everyone is looking to buy the best house, on the best block, for the lowest price. Having your home in the perfect block, will give your home added value and you will attract higher bids.
2. ROOM SIZES
I cannot deny the fact that large rooms get more money. This could be to the fact that in my market, the Bronx, there are not that many "large" homes. Almost all the single family home are less than 2000 sq ft in size. So when I see one that has large rooms, I know that someone will pay extra to live there. One of the first homes that I sold, was infact a large three family, which came in at almost full asking price. Although the home needed some major renovations, it sold for top dollar because every room in the home felt massive.
Obviously there are other factors that can help you achieve top dollar for your home, but they will have to wait until my next blog... Like I said before, too much information to write down all at once. :)