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When it comes to buying a home, most potential buyers will use the listing price to as the number one factor to determine the homes that they look at. Even though you and your REALTOR® or real estate agent may determine the asking price, the buyer will ultimately determine the selling price. If the price is too high, most buyers won’t give it a second thought – which is why you want to determine the listing price carefully.
If you set the price correctly upfront, you’ll notice a much faster sale. Setting the right listing price will also attract more potential buyers to view your home. More viewers equal more opportunity to sell your home. In addition, you will also notice an increase in response from real estate agents and receive more calls about the property from people who drive by the property. The listing price is very important – and it can ultimately determine whether or not you sell your property.
A home can be overpriced for several reasons. The number one reason an owner will overprice a home is because of the price they paid for the home and the improvements that they have put into the property. However, market price is based on what other similar homes have sold for in the local market. An appraiser is going to look at the sales within the subdivision in the past 3 to 6 months to determine what the value is for the home. Unfortunately, in today’s market that has a lot of foreclosures, those foreclosure values are used to determine value of homes selling in the area.
When you put your home up for sale, there is typically a flurry of activity that happens within the first couple of weeks. If you put the right price on your home, you’ll notice immediate interest. There are always buyers looking for homes in all price ranges, waiting for new homes to be listed or homes to be reduced in price. Buyers who are waiting to purchase may miss seeing your home completely if the price is too high.
To determine the listing price of your home, you should consider having it appraised before you put it on the market especially if there has been little activity or your home is different than those around you. This way, you’ll know the market supported value of your home. You can sell it for market value or go a little under, although you should never attempt to go over the value. In doing so, you’ll miss out on a lot of potential buyers. In addition, assuming that the buyer isn’t paying cash for the property and has to have a mortgage, lenders will not allow a borrower to pay for more than the house is worth.
Keep in mind that real estate agents have no control on the real estate market and home valuations. All they can control is how they market your home and providing you with information and negotiation skills to maximize the opportunity to sell. Agents don’t determine the asking price – ultimately the market does. Certainly, you can and should seek the advice of a real estate professional to help you determine if selling in today’s market can meet your objectives. A top producing agent will be able to effectively guide you through the process and get your home sold.