As I mentioned before, you will come up with a range in which to price your house. I would be careful not to price it too high as that is the number one reason a home either sits on the market for extended periods of time or does not sell at all. You may need to price the home towards the lower end of the range in order to reach the higher end of the range in a sales price. Remember, once your home is on the market you are not obligated to accept any offer, you have the right to reject or counter (negotiate) for the price you are looking for. Don't hesitate to call a Realtor to consult with you on finding the right asking price and coming up with a marketing strategy. These consultations are free and are the best way to find out about the current local market conditions and how they would market your particular home.
The maximum sale price is determined by the market, not actually by the seller. Listing your house
at the maximum you think you'll get for it is not the best idea. Talk to three or so Realtors and list it at the low end of what they recommend. That is the best way to get the highest price for your home. Appraisers and Realtors have different purposes, and a Realtor is the one to give you the market price) . The higher your list price, the fewer buyers you'll have looking at it, which limits your buyer pool and ultimately the sales price. If your house sits on the market, you'll end up getting less for it in the long run than if you
price it aggressively, use an excellent Realtor to market and negotiate, and get a quick sale. Good luck
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You know how buyers are; they are all looking for a great house AND a great deal. They need to see your house and say to themselves: "Wow, this is agreat house!" AND "Wow it's a great price too!" If those two thoughts run through the minds of those that come to see your house, then the buyers will run to their agents to write you some offers.
So the two things you must do, epecially in this market are:
1) present it as well as possible. This means professional staging or at least have a your realtor consult you if you need to use the furniture you have. You want the buyers to fall in love with your home.
2) Compared to other properties in your neighborhood(both for sale and solds), your 's house must look like the best deal out there.
If you do those two things right, I guarantee you will get offers quickly. The trick is to get the buyers to compete for your house. And that will happen if the buyers are convinced they have found a geat house at a great price. But what they don't stop to think about is the effect on your final sale price once the bidding is done--which will be what you are hoping for--THE MAXIMUM SALE PRICE.
Send me a quick email and I will show you some examples of recent homes that have sold quickly and for over asking price. We can discuss how you can make that happen for your home as well!
I would need more information to determine why it doesn't appraise. If they say there aren't any comps that justify the price and its in a well established neighborhod.... That typically means that you are the highest bidder for your own property.
This market is all about price. Terms are helpful but if you can't carry the mortgage, then you are in the same market with everyone else.
Sell it... move on...
Your goal right now would be to ensure that you price the property correctly and market it in such a way where you would attract the maximum number of potential buyers.
Work with your real estate professional who will then based on the current market trends and activity will help you position your home for the highest possible SOLD price.
I'm all for getting the highest price, and you might well be worth more than your neighbor's home. The best way to get the highest price is by being competitive in your market. If you have more to offer than the neighbor, that might mean a higher list price. I cannot emphasize enough that pricing too high will cause you more loss than gain. To find out what a good suggested pricing strategy is for your market, meet with a few Realtors. Hear their proposals for marketing and reveiw their CMA's.
Even Realtors have a terrible time being objective about their own homes, so third party opinion from a knowledgeable source is what is needed.