Pricing of Your Home right from the beginning.
When pricing your home for sale, initial pricing is crucial.
Your agent will show you the Right Price Analysis on your home and we will talk about the current real estate market conditions which change weekly
.But you may not agree…
Do I, or do I not leave room for negotiations?
A home that is priced right in the beginning will bring a higher offer than a home that is negotiated 98% of the time.
Remember, the agent is your guide and expert. So often, sellers want to tell us their PRICE… or what they need to get out of the home….
They want to start HIGH because they reason:
BUT I can always come down:
When a seller starts out high, it is a gamble,
statistics show they end up selling the home at a much lower price than they would have sold it for if it had been priced right initially. Yes I have said this before and it is STILL TRUE!
And it takes MUCH longer to get this!
Do not be STUBBORN like this blue bird in the cold all alone….
Remember even if your getting showings BUYERS and their agents look at listings that are priced too high, they compare it against homes that are priced right and usually purchase the other home. THEY DO NOT NORMALLY TRY AND LOW BALL AS THEY THINK YOU ARE NOT A SERIOUS SELLER IF YOUR PRICED WRONG.
Actually, there are always homes on the market that have been listed too high and FSBOs( for sale by owners) that have priced their home too high—this makes selling properly priced homes always EASIER! Price high and you are used as a comparison.
Now, from prior articles you have heard me talk about improvements and how they are GRAND and
I’m sure you’ve seen all the articles on how much various home improvements add to the value of your home.
That’s at best–and they depreciate over time! Improvements like roofing, furnace, air, water heater and windows etc are considered maintenance and help your home sell faster but do not necessarily add value. GREAT TO HAVE AND A SELLING POINT…… NOT PRICING.
NOW THE IMPROVEMENTS:
New kitchen, new bathrooms, landscape updates may add value however not the exact cost you paid for it.
Adding the cost of all the improvements without adjusting for depreciation, your home can often take the price way over market value for your area/neighborhood.
Even if you get your price you dream of, your home has to appraise and there has to be sales to support the value.
As I have said before, go ahead and try if you must and really then, who is the expert if you do not value the opinion and proven market stats your agent provides.
BUT can’t we try it for a few weeks? Sure, but you might miss potential prospects.
With this strategy of lisitng to high you may be listing in the summer
And Possibly selling in the winter
Real Estate Professionals and buyers will notice your home when it is overpriced and think that one’s overpriced they must not be ready to sell.
They’ll keep that opinion for the life of the listing – even after you lower the price. Those few weeks can be fatal! They can be make or break.
How long do you want to be on the market?
Price right from the beginning will bring you more money in today’s market.
3rd Generation Real Estate Broker
Prudential Elite Naperville, Illinois
I am here to help you with all your Real Estate Needs.
Full Service Full Time
Here are things to think about if your home is not selling.
1. The Photos aren’t exciting~ in fact they are drab and uninviting. 90% of home buyers start on line looking at homes. If your pictures aren’t maaking a statement they will pass your home over. Think quality.
This is a picture of a condo for sale in Chicago. You can see the details of the wood flooring and the awesome view.
2. There is no “Wow” factor. Today’s buyer is savvy and the homes that look closer to a model home sell quicker and for more money. Your Realtor can give you some ideas. At minimal clear the clutter and make your home spotless, spacious and attractive.Plants do wonders- real live plants and less is more. It is a PLUS if your entrance way is grand.
This is an example of an entry way that catches your eye. Use your imagination. This picture brings out the detail in the woodwork.
3. It’s overpriced for the neighborhood.
Pricing is crucial. (See my article on prcing your home right.) If your home is priced right, looks great and marketed correctly you will generate more traffic.
4. Hello~ No One Knows Your Home Is 4Sale !
Listing on the MLS and Realtor.com is not enough! Make sure your home is on Trulia, Zillow, Front Door, Yahoo, Relocation Sites, Craigs list, Agents Personal Website, Agent’s corporate website, Realty Trac, EDR and more.
EXPOSURE IS THE KEY !
5. Availablity. I know~ it is not easy but you must be able to show your home quickly. Your agent has ideas on how to show your home quickly and with pride.
Tamara Schuster, Broker
Prudential Elite Naperville, IL
The latest real estate news can be so confusing to a home buyer or seller now. Buy today rates are low. Then the next day, the news headlines are rent until home values drop further. To make matters more confusing top rated news sights can have conflicting information published on the same day. What is a seller to do?
We all need a place to live. It is one of our basic needs….SHELTER. We all need shelter. This is not a want. With that being said, there is never a perfect time unless you are ready. Ready means many things to different people. Primarily you must have :
1. A stable job ie: INCOME is what your lender wants. Meet with your lender to establish price range.
2. A educated, knowledgeable Real Estate agent who will LISTEN and make sure your needs are met. Interview and make sure you find the right agent which is KEY.
3. Ready to move. Stability. You are excited, saved your down payment and want the luxury of owning your own home knowing that you payment will not change. Rents are going up 8% a year because the demand is high for places to rent (economics 101 supply and demand).
4. Confidence . With the news changing daily educated, confident buyers realize historically low rates combined with low home prices = VALUE. With investors are up to 40% of the home buyers this tells it all.
5. Long term. Housing is no longer a short term investment. I am now telling my clients plan on being in your home 5-7 years. While you are buying right in todays market you must be realistic that a home is a great place to be, income tax write off and you may break even when you sell or have a modest gain at best. However, you will be paying down a mortgage like your parents or grandparents did and one day you will no longer have that mortgage. If you were renting that payment like leasing a car will never go away.
Tune in for more updates.
3rd Generation Broker
Real Estate Agent
Today’s market is amazing for first time home buyers and move up buyers too
A) Interest rates in the U.S. are at an all time low . This will not hold on forever.
B) Inventory is priced to sell. Selection is good.
C) The quality of Brokers /Realtors is the best we’ve seen in years because those of us remaining are dedicated, educated and ready for any challenge we may face.
D) Homes Sales have been consistent areas including the Naperville, Illinois and the Chicago area.
E) Housing is a basic need that will never go away. We all need shelter.
First class schools, and libraries. Fantastic shopping, dining and fabulous night life.
Serene river runs through the city surrounded by parks scattered throughout.
Weekly concerts in the summer time and throughout the fall season. Special events that are often free of charge. A awesome pool that is considered one of the biggest chlorinated pools in the United States with the feel of being at the beach.
Tree-lined neighborhoods that include custom homes built to last many lifetimes.
The population is highly educated, polite, caring, charitable. A 32 minute train ride is all it takes to one of the world’s leading business and financial centers. Live within walking distance to the city or train or a few miles away.
Beautiful, relaxing backyards!
Are you ready to move?