When a home is “Listed” above what the buyers are willing to pay and what banks are going to appraise it for, we are just wasting our time. We wind up with:
- A home that sits on the market, has minimal offers and ultimately never sells.
- Disappointed sellers: the inflated price set the stage with a false sense of hope that they may get “$$$” for their home.
The best way to avoid all the disappointment is to market the home competitively from the very beginning. Below are some pointers for you to consider.
1.Have an agent do a comparative market analysis of your home (CMA) This will give you a demonstration of what other buyers paid for homes similar to yours. The agent will make adjusts up or down depending on the amenities of your specific home.
2.Get a bank appraisal to find out exactly what the bank determines your property to be worth. (If your home does not appraise for what you are asking, or even what someone is willing to pay, it will be very difficult for the prospected buyer to obtain a mortgage on the property)
Having a bank appraisal is fairly inexpensive when considering how much time you can/will save. And everyone knows what they say; “timing is everything” & “time is money”
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