we looked at the house and was wondering if the price was correct?

Asked by Carolyn Lehnen, Paris, VA Wed Dec 28, 2011

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Kamber Petty, , Sterling, VA
Sat Nov 3, 2012
The price is correct and the home was updated in the MLS today.
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Shanna Rogers, Agent, Murrieta, CA
Wed Dec 28, 2011
Hi Carolyn,

If you haven't hired a Realtor, do so. If you have a Realtor, have them do a Comparative Market Analysis (CMA) on the property using SOLD comps within a 1 mile radius of the property (the closer, the better) that have SOLD within the last 3 months. This will give you current market value. Any offer you make should be based on current market value, not list price.

Shanna Rogers
SR Realty
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Dec 28, 2011
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.

Good luck and may God bless
0 votes
Lee Ann Ruby, Agent, Glen Allen, VA
Wed Dec 28, 2011
Your buyer's agent can pull and provide comps to help determine where the price falls. With that info you should be able to develop a strong offer strategy.
0 votes
Shelagh LaBi…, Agent, Ashburn, VA
Wed Dec 28, 2011
If you can give me an address, I would be happy to check it out for you.
You can also email me at Shelagh@Exit-N.com
0 votes
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