What price should I ask for my house? A question heard daily by Realtors®.
Last week, a previous client called to ask me to price her mother's home. They had to put her in assisted living because of health conditions and wanted to sell the home. Fortunately, mom had the foresight to put the title in the son's name, so no issues there.
Because my clients are out of town, they would be coming into town for a couple of days. I sent them a comparative market analysis which showed a three tiered pricing market - those homes needing a lot of repairs and could only be sold for cash - obviously the lowest end of the range. Then, there were those which were okay but lacked updating. And, the third price range were those "fix and flips" or total remodels. These three ranges were rather broad. I like to actually take my sellers out to see three or four of the homes which will be in competition. We decided to tour 4 of the listings - one in need of comprehensive repairs, one stating "recently remodeled", one stating professionally remodeled, and one with few comments.
The one in need of repairs was just what we expected. Dated, worn carpeting, missing some cabinets, overgrown landscaping, etc. Then, the "average" home was viewed - dated, but clean and mostly move in ready. Then the "professionally remodeled" home - WOWSERS - anyone would LOVE that home which was priced the highest, obviously.
The last home we visited was "recently remodeled." No new paint, no new cabinets or countertops, no new bath or kitchen fixtures, no new appliances, no new flooring - but, there was new carpeting in the living room and the back yard was free of weeds. And, this was priced very close to the one which was totally remodeled with new flooring throughout, new cabinets, new appliances, new paint, newly professionally landscaped, etc.
My clients appreciated the market analysis in writing but REALLY appreciated the time taken to tour the competition. It made their choice of asking price very easy.
If you're thinking of listing your Scottsdale, Cave Creek or north Phoenix home for sale, please contact me. I'll give you the tools to help you decide the current value of your home. With the inventory of active listings down and marketing times so low, now may be a GREAT time to list your home for sale.
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