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Pricing Your Portsmouth New Hampshire Homes to Sell!

Are you a Portsmouth NH homeowner thinking of selling your home or condo? Do you have a multi-family in the Portsmouth area that you're thinking about selling?

If so, this pricing information may help you price your real estate correctly right from the start.

Your asking price on your home or condo is the single most important component of getting your home or condo sold. Sure, the condition and the location both play major roles, but the price you put on your property is the cricitical factor as that takes into account both location and condition.

And to help determine the correct price for today's market, you need the advice from a full-time experienced REALTOR. Your REALTOR will use their experience, knowledge of the market place and market conditions, and their professional track record to provide you with a market proposal which will help you to both come up with a competitive position for your property.

The factors that go into determining the best competitive position for your property are:

Condition of your home or condo
Location of your property
Market conditions at that time
Any repairs and/or improvements that might be needed
Your motivation level and your time frame for selling

Portsmouth New Hampshire Condos

Your initial market position - asking price - will determine your success in getting your home or condo sold.

If your price is too high, all the best marketing efforts in the world won't get that property sold. Buyers aren't dumb, and neither are their agents - both will recognize that the price is just wrong.

Here are some big pitfalls if your property comes on the market in the wrong market position:

Those buyers who are already in the market will know right away the price is wrong - they've been looking and know the market.
Area REALTORS will be reluctant to show your property because there are too many other properties to choose from that may be priced better.
You'll end up staying on the market longer than you would have had you priced it correctly to start with - and this will cause buyers to wonder what's wrong with your property because it hasn't sold yet.
Longer stays on the market need repositioning - price adjustments - just to get showings. And extended stays on the market usually end up costing you more money in carrying costs, lost opportunities, and more.
Even if you did find a buyer who, for whatever reason, chose to pay the too-high price, the bank or mortgage company's appraiser will likely cause the sale to be re-negotiated. Lenders today are not interested at all in lending money on properties that are not priced properly for the market conditions. And this could lead to financing falling apart for that buyer who wants to buy your home.

Long Beach California REALTOR, Laurie Manny, wrote an excellent article for consumers in her Downtown Long Beach Market that applies to real estate sellers everywhere. Her article is entitled, "The 7 Dangers of Overpricing Your Long Beach Homes and Condos", and is a great for anyone thinking of selling their home or condo.

For Sale Sold Sign

Experienced professional REALTORS are in the know about the current market conditions - and that's why you should have a professional work with you to get your Portsmouth NH home or condo SOLD!

Are you looking to buy real estate in the Seacoast NH or Maine areas?
Give me a call and let's set up a time to talk so I can see how I can help you out!

Related Articles of Interest For Portsmouth NH Real Estate:

Selling A Home in the Portsmouth NH and Maine Areas

Pricing Your Home To Sell

Getting Your Home Ready For Showings

How Is YOUR Property Being Represented?

Tips For Hiring Your REALTOR

RE/MAX New Hampshire


Ann Cummings, New Hampshire REALTOR
Broker - NH and Maine
RE/MAX Coast to Coast
Portsmouth NH
  ann@anncummings.com
888-349-5678 x 3839
Servicing the Coastal Areas of NH & Southern Maine

Posted by Portsmouth NH Homes Condos - Ann Cummings New Hampshire REALTOR® on 04/01/2008 02:46 PM

Comments (19)

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19 Comments on Pricing Your Portsmouth New Hampshire Homes to Sell!

APR

2008

I deal in large quantity REO'S. I currently have a buyer who is willing to purchase all REO'S I can find in New Hampshire. Let me know maybe we can team up. Thanks, Keith

Hi Keith - I just sent you an email!

Ann

Nothing, nothing, nothing will sell an overpriced listing.

Nothing. Good tips, hope your customers and sellers take heed!

Ann you nailed this one!!! Great advise and hopefully those that read it will take your advice. I always get a laugh out of Buyers and Sellers that think they can either steal a house at a ridiculously low price, or can sell at unrealistic price. They need to ask themselves one question, would they buy their house at that price, and would they be will to sell their house to someone who is obviously trying to steal it.

Karen - you are SO right about that! Unfortunately it takes some sellers too long to actually understand that, no matter what you say to them. Buyers are not stupid and most are very aware of the market and what properties should be priced at.

George - those are great questions to ask both buyers and sellers, and I do have sellers think about that when we're not on the same page on the price. Usually they then understand that buyers just won't pay that price, especially if they themselves wouldn't pay it.

Thanks for the comments - much appreciated!
Ann

Very smart advice from a very professional agent!

Hi Ann~

You wrote, " Your initial market position- asking price - will determine your success in getting your home or condo sold. " With a couple of rookie real estate brokers in our office...this is the kind of advice that serves well...even in difficult times...and I'm sending it along to them!

Hi Jim - why thank you sir! ;-)

Hey janeAnne - I hope it's helpful for them. That one sentence is so important for all sellers, and all agents would do their clients well if they conveyed this to them. All the marketing in the world just will not get an overpriced property sold, no matter how great that property is.

Thank you both for your comments, and I appreciate you reading this post!
Ann

Buyers & agents aren't dumb, and neither are the appraisers. Informative piece Ann for all sellers.

Ann, these are beyond great tips and suggestions. A knowledgeable agent can help so much in such a competitive market.

APR

2008

Hi Steve - nope, they sure aren't! Thanks for your comment!

Hi Ray - thanks much, and you're right about experienced agents having this kind of knowledge to convey to sellers.

Thank you for the comments!
Ann

This is an excellent post! I have a couple of agents in my office who need to read this.

Hi Marlene - thanks! We probably all can think of some who might benefit from reading this... ;-)

Ann

Ann- You have given some good advice.....especially on why peole should hire a professional. Thanks for a well written article.

APR

2008

Hi Kathy - thank you for that very nice comment, and I hope it's helpful for a lot of people!

Ann

Ann, This post is full of good points . I especially like the one that says, "all the best marketing efforts in the world will not sell that property". In this relatively new Buyers market, sellers must make the adjustment if they are to sell their homes in a reasonable amount of time.

Hi Judy - I think that one point that you mentioned is absolutely crucial for all sellers to understand. This buyer's market actually began about 2 1/2 years ago, looking back at stats, and unfortunately it took many quite awhile to see that the market had changed. It always takes looking in the rear-view mirror to see where we've been. Sellers must be very aggressive to not only get showings but to sell their properties, and being aggressive includes positioning with condition and terms.

Thanks for the comment!
Ann