Homegain conducted a survey that shows that many homeowners think their homes should be listed 10 to 20 percent higher than what their Realtors recommend. Nearly 20 percent of homeowners think that their homes are worth 20 percent higher than their Realtors' recommended listing price.
A recent Zillow® poll showed that sellers were no longer ‘in denial' regarding the U.S. housing slide. The latest HomeGain survey says that that while homeowners may be aware of falling home prices around the country, many believe that the slide doesn't apply to their homes.
How do you know if your Realtor has priced your home right? Here are some guidelines to ask your agent:
1) Has your agent shown you sales within the last 3-6 months in your neighborhood? If no recent sales have occurred in your neighborhood then you must find the closest neighborhood that is similar to yours and in the same school district.
2) Do the comparable sales you are using have the same number of bedrooms and bathrooms as your home?
3) Have you seen photographs of the homes you are comparing your property to? Are the amenities and condition the same?
4) How long have the homes in your neighborhood been taking to sell? Look at how many price reductions occurred before homes have been selling? Ask your agent for the original price and have them look at how many price changes occurred prior to the sale of the comps.
Currently appraisers are only looking back 3 months for sales comparisons. Remember that a house is only worth what someone is willing to pay for it in the open market regardless of what the tax records state. Before making capital improvements, I advise that you conatct me at 513-518-1140 to find out what the homes are selling for in your area to be sure that you are not over improving your home. You don't want to be the most expensive house on the block.
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