5 Factors To Consider When Pricing Your Cincinnati OH Home!

Real Estate Agent with Comey & Shepherd Realtors

5 Factors To Consider When Pricing Your Cincinnati OH Home are:

  1. Location - You can't change where your home is located.  The value you placed on the home was based partly on its location and with that came the price you paid for the home.  The price you pay for two similar homes: one on a quiet cul-de-sac street and another on a busy street; are going to be different.
  2. Supply & Demand - By viewing many homes, buyers are eduating themselves and getting an understanding of an area's pricing.  If your home isn't competitively priced compared to other similar homes, it won't sell.  You need to determine how many other homes are competing with and how many homes have sold in the past 3-6 months.  A buyer's market will see home prices go down when inventories are up, while back in 2003 to 2006, we experienced a strong seller's market.
  3. Condition - Your goal for preparing your home for sale is to showcase it in its best light.  That means decluttering it, cleaning it, touch-up painting it, updating fixtures, etc.  It needs to make buyers walk in to the home and say "WOW".  You're in complete control over your home's condition and can maintain or increase its value and decrease its marketing time by putting it in the best possible condition.
  4. Pricing - Home prices are all over the board in today's market, but you have to remember that pricing a home affected by many factors and people...the buyer, the buyer's agent, the buyer's parents/friends, the appraiser, the lender's underwriter, the home inspector, the termite inspector, the title company and others.  Your home must be priced within the appropriate range or it won't sell.  Your home is a commodity and it's competing with other properties.
  5. Realtor - The agent you select to market the sale of your home cannot set the final sale price just as a stockbroker cannot dictate the daily stock market prices.  An experienced agent, who prepares a detail market analysis along with absorption rate statistics can help you find the proper price range.  Never pick an agent based solely on the price they select...they may be trying to 'buy' your listing for now and then beat you down later to a more realistic price once you've hired them.  It's critical for you to base your pricing decision on the written facts and statistics of the current market, no matter how good or bad it is...it's the market!

Dan Weis
Real Estate Consultant since 1985
Comey & Shepherd Realtors - Cincinnati, OH
cell/text: 513-615-1890   efax: 513-842-8830
E-mail: dan@DanWeis.com  

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Posted by

Dan Weis
Real Estate Consultant since 1985
Comey & Shepherd Realtors

Cell/Text: 513.615.1890

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Lizette Fitzpatrick
Lizette Realty - Richmond KY - Lexington, KY
Lizette Realty, Lexington KY MLS - Kentucky Homes

Great post for sellers to read before listing in the Cincinnati OH area!

Jun 14, 2011 03:27 AM #1
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