Pricing It Right--Objectivity is Crucial

Reblogger Don Rogers
Real Estate Agent with Keller Williams Realty Chesterfield

Whether you are in Charolette, NC or O Fallon, MO pricing is key if you are looking to get your home sold quickly.

Original content by Debe Maxwell, CRS 228209

Pricing It Right--Objectivity is Crucial

With an incredible supply of homes for sale in today's Buyer's Market, it is crucial to position your home to sell in the shortest amount of time possible, bringing the best price possible.  Begin by looking at your home though the eyes of a potential buyer.

There are five basic factors that ultimately determine whether a home is going to sell, or simply be one of many homes on the market with very few showings and no offers:

Value Factors in Home Selling

Buyers have many choices in today’s market.  In order for a seller to maximize the selling price of a home, the home must be “Showroom Ready” and priced right! PRICE is determined by:  CONDITION, LOCATION, SIZE, and FEATURES.   A home that can rate a score of 10 in CONDITION, LOCATION, SIZE, and FEATURES can be more aggressively priced compared to a home that is deficient in any of the categories.   

A seller CAN control CONDITIONFEATURES, and PRICE.  LOCATION and SIZE are not features that a seller can control.  So, let me show you how being objective in your VALUE rating...

There are currently 25,657 condos, townhomes and single family homes on the market, and over the past three months only 5,176 homes have sold

To add your home to the 5,176 homes that have sold in the last three months, your home must be Valued as a 10 in: CONDITION, LOCATION, SIZE, FEATURES, and that will allow a 10 in PRICE. If your home is not rated a 10 in all these categories, then your PRICE will need to be adjusted for these deficiencies--again, remember location and size cannot be controlled so, adjust accordingly.

The Pond - Where is YOUR home in the pond?

The flow of sales activity in any real estate market is comprised of three categories of the homes that are currently on the market:

1.  Homes that FLOW.  Homes that are considered to be the best Value and Price flow into the market, leave the market SOLD in less than 45 days.

2.  Homes that SHOW.  Homes that are deficient in Value and/or Price may be shown, but they are not receiving any offers.  Adjustments must be made in the areas that you DO have control - PRICE, Condition or Features in order to get the listing sold.
3.  Homes that become the STAGNANT MASS.   Homes that are greatly deficient in  both Value and Price do not even attract showings.  There is  virtually no activity, and these listings will simply never sell.

Ask yourself where you want to position your house in this competitive Buyer’s market. Remember, any deficiency in the five categories of:  CONDITION, LOCATION, SIZE, FEATURES or PRICE will remove your listing from the “Flow” of the market and place it in the “Show but no offer” category or worst yet, in the “Stagnant Mass” with no showings.

Here's a recent Market Absorption Trend which is another evaluation tool to use when listing your property:

Market Absorption Trend Foxcroft Charlotte NC

If positioned properly, your home will “Flow” right off the market!  It will attract a buyer.

 

The Pond graphic courtesy of Zan Monroe, CRS Senior Instructor and NINJA coach:  www.ZanMonroe.com

Debe in Charlotte   

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Rainmaker
545,046
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Don:

I tell everyone that pricing in this market is KEY!!!

Pricing is going to get properties sold.

Jan 31, 2010 02:49 PM #1
Rainmaker
595,326
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

Very thorough! Now all we need is a list of things that DO NOT affect the value of the listing! Don't you wish we could get sellers to accept those cold, hard facts.

Jan 31, 2010 03:21 PM #2
Rainmaker
1,047,975
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Debe did an excellent job with this article. I can see why you would want to re-blog it. I hope you are doing well Don!

Jan 31, 2010 11:12 PM #3
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Toula,

Right pricing will get ones home sold quicker than over pricing and hoping for an offer and eating days on market.

Lisa,

It would be nice but some are a little hard headed and think they know better than tthe agent and the facts of a market analysis.

Bill,

It is a very well written article and deserves to be reblogged.

I am doing well my friend and I hope that all is well with you.

Feb 01, 2010 04:35 AM #4
Ambassador
3,274,141
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Mr. Prez!  Thank you SO much for re-blogging this post--what a huge compliment!  It's also a great way to get the word out to your readers and the information, as you said, is for anyone owning a home anywhere in the U.S.

Have a great week...

Feb 01, 2010 05:41 AM #5
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Hello Debe,

You did the work and deserve the benefit of being acknowledged.  I like the idea of how timely the post is and how beneficial it can be to every seller.

Thanks again for sharing your knowledge.

Feb 01, 2010 10:13 AM #6
Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the reblog. This is a good post. Sellers should read it before listing their home.

Feb 07, 2010 09:11 PM #7
Ambassador
3,274,141
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Don!  Just dropped by to wish you a happy Valentine's Day!  Hope you and yours enjoy the day!

Feb 14, 2010 08:01 AM #8
Rainmaker
1,047,975
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Don I love the graphic of the pond and how it relates to Real Estate pricing. I hope you are doing well my friend.

Feb 16, 2010 11:04 PM #9
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Don Rogers

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