Statistics show that even in today’s market 76 percent of homeowners believe their home is worth more than the list price recommended by their real estate agent.Let us see why is that happening ??
Well to be honest with you buyers are the ones that have a better grasp of current market value in the area where they’re looking to buy than do sellers who own and live there. Buyers look at a lot of new listings and do extensive research thanks to all the tools that they have now and Internet would be probably one of the main ones. So before they make offers they usually do quite a lot of homework, know what sells quickly and for how much, and what doesn’t and why. Even with foreclosure and short sales in decline, home buyers still think sellers are overpricing their homes.
Your home is worth what a buyer will pay for it given current market conditions bottom line Sounds harsh but true and this may not be the same as your opinion of what your home will sell for, or what you hope it’s worth. Understandable that you have emotional attachment as well as financial, one that includes the upgrades made to the property over the years, however relying on those rather than logic when selecting a list price can lead to disappointing results and your property not selling.
So let us get to the facts and timing which is everything in real estate and life in general The prime opportunity for selling a home is when it’s new on the market. Consider it an equivalent of your homecoming and this is when it is most marketable. Buyers wait for the new listings. Usually, listings receive the most showings and have the busiest open houses during the first couple of weeks they are on the market.
This is the opportunity to “show off your house “so you have to take full advantage with a list price that attracts buyers’ attention. Listings that sell today are priced right . Buyers today need to feel comfortable that they are getting a great deal. They won’t overpay if they feel home prices are still declining, and in some areas of the country, they still are like here in Las Vegas. At the same time Las Vegas experiences strong sales,and more often now we find buyers may shy away from multiple-offer situations if they feel the recovery is fragile and that prices may slide further before stabilizing.
HOME SELLING TIP: When selecting a list price, it helps to understand how real estate agents and appraisers establish an expected selling price or price range for your home. They research the recent listing inventory for homes similar to yours that sold. The most recent sales give the best indication of the direction of the market.
They analyze these comparable sales giving more value to your home for attributes that it has that the comparable don’t, like pool,lot size and major remodels and upgrades. Value is subtracted from your home for features it lacks when compared to the sold comparables, like an easily accessible, level backyard,pool and so on.
I know that it can be difficult for a seller to step back and take an attitude of detached interest in their home, but it is crucial to do so if you want to sell successfully in this market. For example, your home could actually sell for less, not more, than a comparable sale because of such factors as number of bedrooms, lot size and having a pool which is essential in the markets like here in Las Vegas. So if the comparable sale information suggests that the value of homes like yours is declining, select a list price that undercutsthe competition to drive buyers — and eventually offers — to your home. You can take a more aggressive stance on pricing if the comparables show that prices are moving up.
If there is high demand for homes like yours, you may receive more than one offer. But don’t list too high or you will have no interest and showings at all that will quickly translate into no offers . It’s better to stay in the range shown by the comparables and expose the house to the market before accepting offers. The market will drive the price up if it’s warranted.
So to sum it up :do not rely on rumors in the neighborhood about how high a home sold. Prices tend to get inflated when passed from one person to another. Select your list price based on hard facts and always choose a local Realtor and area expert, interview several if you have to do so, and find the perfect fit for you and it will save you money and lots of frustration in a long run.I also strongly believe in marketing the trends have changed and on-line advertising, social media ( Facebook, Twitter) along with videos on YouTube are replacing direct mail and the colorful flyers we used to place in the property but it does not matter since marketing is marketing , also good pictures of the property are essential since don’t forget in lots of the markets , including us here in Las Vegas most of the buyers come from out of state or internationally and the first impression is everything !!
Do not hesitate to contact me direct at (702) 884-6428 if you are looking to sell you home or condo in Las Vegas or visit the for seller’s page on my web site