Selling Your Home: What Is the Right Price?
On 'The Price Is Right', there are definite prices for every item, from a box of cereal to a Lazy Boy Recliner. But how do you determine the right price for your home? Pulling comps (comparable selling prices in your area, typically in the last six months) is one of the first things you need to do. The adding and subtracting of features will eventually give you an idea of how you need to price your home. What kind of features will reflect in your final MLS listing price?
- Bedrooms. An additional bedroom more or less must be added or subtracted when calculating the price. For example, if the houses that have recently sold in your area have four bedrooms and your house has three, you would subtract the market value of a bedroom.
- Bathrooms. The same procedure must be done when calculating bathrooms. Also remember to keep in mind that prices will differ if they are full bath, shower only or simply a powder room.
- Desirable Lots. Again, double sized lots and homes on the water will determine the price range for your home in the current market.
These and many other factors will disclose what your house is worth at this time when you list your home FSBO with the MLS (Multiple Listing Service).
Bringing Down the House – In Value that Is!
Since the Alabama and Florida real estate market experienced the bursting bubble effect and the fall in property values a handful of years ago, property owners have suffered greatly. The high number of foreclosures, upside down mortgages and short sales sadly collaborated in the decline of real estate values and homeowners intending to put their property on the market have had to realistically price their homes in order for them to sell.
The Price Tag is the Bottom Line
Remember when real estate was all a matter of location, location, location? Well, what happens when you have three or more homes in the same area, two on one street and one on another – all up for sale at the same time? Add to those similar features and all in pristine condition. The bottom line is undoubtedly the price tag. If buyers are regularly visiting the two competing properties and you have had few showings and no offers, you know what you have to do.
Realistically pricing your house with your Flat Fee MLS Listing right away will save you time and energy and get the buyers who are ready to put in an offer. It is generally agreed upon in this industry that your home is more likely to sell within the first few weeks, at asking price when listed on the MLS, because (a) it is a new MLS listing and (b) an interested buyer does not want to lose out on this opportunity. So properly pricing the house is extremely important.
In summary: You have decided to sell a house, so make that happen by pricing your home correctly from the start.
Presented by FlatFee.com a Flat Fee MLS Listing company.
