There are no comps in our area. Our house should list for one price, but we know it will never sell that

Asked by Nahnah, 39440 Sun May 17, 2009

high. Should we start high anyway? We live in the deep South, in a small town, in a newly developed great neighborhood.

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Karen Barrett, Agent, Angola, IN
Sun May 17, 2009
Sometimes you have to break down the components. Have there been any lot sales in your neighborhood recently? This will and should give you land value. Now, you need a value for your improvements (structures, home and any other buildings). Any other new construction for sale in your neighborhood? Compare yours to what is currently on the market, if yours is identical and those new homes are 'still' on the market, can you undercut them? How fast do you need to move will also help you set your price. Remember, I am speaking identical homes or "apples to apples". (We hope you are getting some other type of market information, like, sales are down an average of 10% from last year in this price range or area or on these type of homes). So, this should help you guage from where you bought your home to where it might sit today on the market. Ask a local realtor how offers are coming in? Are low ball offers getting accepted? What you are looking for is sale to list ratio, example: neighbors home listed for $100k and sold for $88,000 = 12%. This does not mean to overprice your property by that much, but it will tell you or give you a heads up on a buyers perception of value.
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Vicky Chrisn…, Agent, Purcellvile, VA
Sun May 17, 2009
Price it where you think it will sell. Unless your agent can show you that sales prices in your area are going up, then you have nothing to gain if you take a long time to sell.
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