How to Sell Your House
Whenever you hear people discussing real estate you can bet your last dollar that you will hear the phrase "location, location location" mentioned. I am a firm believer that the location of a home can hinder or help in a sale, but I know the most important aspect when selling your home is PRICE. If you really want to know how to sell your home, the answer is short and simple: Set the correct price from the start.
How do you calculate the "right price"?
Below are a few tips to follow:
- Don't just get a market analysis, trust the results - The market analysis determines the value of a home based on the amount comparable homes have sold within the last year. Real estate appraisers will look at these recent sales when they determine the value of the property for mortgage purposes. One of the most important facts about real estate transactions and mortgages to understand is that the mortgage company will not lend above the value determined by the real estate appraiser. Therefore, pricing a home above the value determined in a market analysis done by a real estate professional will not help you make a greater profit.
- Time factor: If you need to sell fast, price it as low as you are comfortable with. Typically the lower the price the faster the sale. If a home is priced too high from the beginning, a seller almost invariably ends up with a lower sales price then if the home had been priced correctly from the beginning. The trick in any market is the price. Homes priced correctly sell.
- You hired a professional... listen to their advice. You are paying for professional advice, don't ignore it. ASSUMING your agent is experienced and professional, they will give you great advice based on market research and experience in sales and real estate. You wouldn't do research to find a great doctor, then after a diagnosis go with your own ideas would you?
- Choose Wisely! Do not hire the real estate agent who gives you the highest value as a listing price. There are some agents who will start out with an unattainable listing price and after a few weeks begin to tell you it is time to reduce your price. How much time is wasted when you are priced too high? Hire an agent who will base the value of a home on facts.