Home Selling in 30153>Question Details

Kristen Mill…, Home Seller in Rockmart, GA

How much above the appraised price should you list your home?

Asked by Kristen Miller, Rockmart, GA Sat Aug 3, 2013

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That question seems to immediately undermine your seriousness as a seller. Why would you list above appraised value? To give yourself 'negotiating room? To have a fall back position? Or to ensure that you don't sell it?

A prelisting appraisal is often nothing like a buyer's mortgage appraisal - far different requirements. Also, a prelisting appraisals does not mean you home is "worth it" nor that it will sell for appraised value. The home is worth what the market says it's worth when listed for sale - http://hankmillerteam.com/whats-my-home-worth/

You would do better to use the appraiser as a consultant during the process - they do things agents cannot - http://hankmillerteam.com/2013/07/26/hire-an-appraiser-as-a-…

List the home to sell, use the appraisal as a guide but if you think you're going to push, you will be sitting in there for a long time. You're in Rockmart.
Web Reference: http://www.hmtatlanta.com
1 vote Thank Flag Link Sun Aug 4, 2013
Hi Kristen,
Why would you want to list your home higher than the what the market will support? Unless your Buyer is paying, the Buyer's appraisal will most likely halt the sale.

In the Atlanta market, we are seeing many homes selling for very close to List Price. Some are even coming in a little over than that is the property was aggressively priced. Again, unless your Buyer has the ability to pay the difference you may be seeing your property quickly go back on the market.

Your Listing Agent will review all of the market data with you. If you really want your home to sell, you will follow all of their suggestions. There are some Listing Agent who will not take an overpriced listing. That is because it reflects badly on them from other agents and they know that it is not likely that it will sell.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
1 vote Thank Flag Link Sat Aug 3, 2013
Here in the Raleigh, NC area, we are running about 96.8% YTD. That is percentage of list price received. Every market is different and you also have to be careful of what type of appraisal you are using. An appraisal for a second mortgage is typically higher than one for a sale. Your best bet is to have a Realtor that knows your area do a CMA for you so you have a good starting point. The thing to remember and its true, the majority of your showings occur in the first few weeks your home is on the market. While everyone wants to make as much as they can, trying to be overly aggressive on pricing could end up hurting you in the long run. Good Luck!!
0 votes Thank Flag Link Tue Aug 5, 2014
I agree that buyers are very savvy. Houses in the Greater Denver Metro area are selling for 99.2%
of listed price YTD. If you are referring to an appraisal done by a certified Appraiser or a CMA, that would give you the most up to date value of your house. If you trust the Real Estate Agent who did the CMA then you should price your house at whatever value that was recommended. If you price too high,
buyers will not be responsive & you will end up not selling your home and will eventually end up lowering the price below the appraised value. If you price the house at the value that was recommended through the CMA, you might get multiple offers which on occasion can push the price up.
Remember though that for someone to attain a mortgage, that there will be a formal appraisal done by the bank appraiser and a loan commitment can only be made if the house appraises for at least the price that the buyer is willing to pay.
0 votes Thank Flag Link Sat Oct 26, 2013
If you list your home too high above appraised price it may not sell, and if it does sell you may have to come down to their appraised price if the buyers don't have a large down payment.
0 votes Thank Flag Link Sat Oct 26, 2013
Wow, some of these people are downright demeaning in their answer to an honest, appropriate question. To answer your question fairly without looking to drum up your business, to give yourself a little bit of negotiating room is fair, but not too much (around 5% of the recently appraised value) if you are doing a For Sale By Owner. If you are using a realtor, they will let you know based on current market by location what you should list your home at.
0 votes Thank Flag Link Sat Oct 26, 2013
Hello Kristen
If you want to know what to list your home for I would love to talk to you
Please feel free to call me
Shirley Easterwood
Realtor
Ayers Realty
Office 770-748-5051
Cell 770-855-4287
0 votes Thank Flag Link Mon Aug 5, 2013
A better question might be...How many serious, qualified Buyers would you liked to attract, Kristen? Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com

http://www.SellsRealty.org

http://www.city-data.com/

http://www.greatschools.org/
0 votes Thank Flag Link Sat Aug 3, 2013
When you become honest about selling your home, you will contact a local, licensed, board affiliated Realtor(R) and follow their pricing instructions. Until then you are just climbing the wishing tree. Have you been up my wishing tree? Its where I come to think and dream... Stay magical!
Web Reference: http://kribzoo.com
0 votes Thank Flag Link Sat Aug 3, 2013
Ask your Realtor what the List to Sales ratio is for your area. That should help you find the right listing price.
0 votes Thank Flag Link Sat Aug 3, 2013
If you list too high then the home will never get looked at. Buyers are pretty sharp at seeing how long a home has been listed. If it has been on the market for an extended period of time then the buyer thinks that the seller is ready to take a low offer. Then all you will get are low offers.

Here in Utah, I have found that listing a home at about 6% to 10% higher usually draws interest and can likely bring you the highest offer possible. However, it is different for other markets. You may want to check with a local Realtor.
0 votes Thank Flag Link Sat Aug 3, 2013
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