Posts Tagged ‘Set asking price’
Check out HGTV’s Real Estate Intervention
I have been watching HGTV’s “Real Estate Intervention” for a few weeks now. As a real estate professional for the last 25 years, I give this program a Big 2 Thumbs up!! If you are buying or selling real estate, this program is a must see. Check it out on Thursday nights at 10:30E/9:30C on HGTV.
The HGTV Synoposis of the Show is: In this current real estate market, pricing is everything. And the best way to really find out how much your house is worth is to check out the competition. Real Estate Intervention takes motivated sellers on a tour of other listings in the same area and same price range. They’ll get to see firsthand who their competition is and whether they’ve priced their house right. Does the competition have better closets? Granite counters? A bigger backyard? Which home is the best value for the dollar? We’ll help them determine the best way to get top dollar — and in the end we’ll see which home sells first!
Bonus: Do you want to be on TV??? If you are confused about how to price or market your home and want objective advise, can contact HGTV and be on the show. Click this link to contact HGTV. and tell them InfoTube.net sent you.
Thank you for visiting InfoTube.net. We are here to help you buy and sell real estate. If you like what we do and you want to receive updates about our short, informative articles, click on the RSS feed on the right hand side of the page.
Should You Use List Prices or Sales Data when Pricing Your Home?
A frequent question we receive about correctly pricing a home is “Should we use Comparable Listing Prices or Comparable Sales Data to correctly price our home?”
The answer is overwhelming, Comparable Sales Data.
Looking at the prices of listed property is a big mistake, when determining the correct asking price for a home. Take a moment and think about it. If the neighbors list price was motivating, the property would be Sold, not Still for Sale.
Always use accurate a Comparable Market Analysis (CMA) to correctly price your home. A CMA features only properties that have sold for all cash or a funded loan. This is important because many properities aren’t appraising or closing for anything near their “under contract” price. In our declining market, a home that is worth $250,000 today, may only be worth $220,000, 60 days later when it closes. Appraisers are aware of this fact and generally appraise very conservatively these days.
Click here To Read more about Appraisal Problems and What you Can do About it.
To obtain accurate Sales data about competing properties in your neighborhood, visit your local county tax assessor website. Or, research MLS data which can be viewed at sites like zillow.com.
Thank you for visiting InfoTube.net. We are here to help you sell your home. Feel free to place a free property listing on our site or search for a great value on your dream home.
Bad Strategy for Home Sales
Question: What is the worst home selling strategy ever???
Answer: ”Let’s test the market”. “Let’s throw it up for sale at a high, unrealistic price and just see what happens…”
Testing the market…whatever that really means is the worst idea, ever. Buyer’s don’t live in a fantasy world. And, if they did, their home buying fantasy is finding a mansion for $100.
“Testing the market” by overpricing a property means that the listing loses its ”honeymoon” period. As a rule, properties receive more interest and more showings in the first 30 days, than they will ever see again. Why? Buyer’s who haven’t found the right home, rush to see new listings as soon as they appear on the market. And, new buyer’s coming into the market always look at new listings first.
If you overprice your home during the honeymoon, chances are high that it will sit on the market for a long time, eventually becoming a “stale” listing. It is possible to stir up more interest later by substantially dropping the price, but seller’s can never again recreate the attention the property would have received, had it been priced right when it made its debut.
Thank you for visiting InfoTube.net. One GREAT IDEA for buying or selling real estate…Place a free property listing on our site or browse through thousands of great deals from the leisure of your home. Don’t be afraid, we never sell or distribute information to anyone, for any reason.
To place a property on the MLS, Realtor.com and a dozen other websites for real estate, CLICK HERE.
Pricing Your Home. What you paid doesn’t matter.
Big Mistake. A big mistake that home seller’s make is that they often set their asking price, based on what they paid for the property. For example, I hear frustrated, unsuccessful sellers justify overpricing their homes by rationalizing that ”We are asking $265,000 because we paid $250,000 and want to break even.”
The truth is, what you paid for your home doesn’t matter to anyone except you. While it is painful to admit a financial loss, don’t dig yourself in even deeper by thinking that someone else will pay for your mistake. They won’t. And, their lender and appraiser won’t, either
Real estate is just like the stock market. The Buyer determines the price they will pay, not the seller. For example, if you bought Citibank at $120 per share and its now trading at $3.00, then $3.00 is what the asset is worth. The fact you paid $120 a share is irrelevant to buyers in the marketplace. The situation is exactly the same for real estate.
If you want or need to sell a piece of real estate, forget about what you paid for the asset. The only thing that determines today’s value is what a buyer would be willing to pay today. To determine the realistic, current value of your home, research what other homes like yours have actually SOLD for by searching on your local, county property tax database or websites like Realtor.com or Zillow.com.
Thank you for visiting InfoTube.net. House are selling, but only the homes in the best location, condition and price. The summer selling season is rapidly passing by and its time to get serious. If not, you may find that home values are even lower next year. To reach 10 million home buyer’s each month, call us for an MLS and search engine listing for your property. You won’t find a better way to let the world know your home is for sale and time is passing you by.
Sellers and Realtors Disagree on Home Pricing
Results from a study just released by HomeGain revealed an ongoing ’tug of war’ between home sellers and real estate agents. According to the survey, 50 percent of homeowners said their houses should be priced 10-20 percent higher than agents have recommended. Conversely, 60 percent of real estate agents reported that prospective buyers are telling them that home asking prices are still too high.
One thing we can learn from this study is that one of these groups is certainly wrong. Either home owners are unrealistic about what their houses are worth or agents are too pessimistic about what the home will sell for.
On one hand, agent’s have more knowledge about the market than the average home seller does and they do talk with buyer’s every day. Yet, real estate agents have an incentive to push prices lower. The lower the price, the faster the sale, the quicker they can ring the cash register and move on to the next deal. So, what should a home seller do???
- Ask 3 real estate agents what they would list your home for. Ask questions and understand the reasoning behind their different price recommendations.
- Know your competition. Check out every house that is for sale in your area, price and size range. Visit Open Houses to verify the condition and ammenities being offered by the competition. Use InfoTubes and InfoBoxes on for sale signs to gain helpful insight about homes for sale in your neighborhood. Explore property MLS listings on Realtor.com.
- Visit New Home Subdivisions. All things being equal, most buyers would chose a new home over a pre-owned home, if everything was equal. Find out how builders are pricing new homes that are similar to yours. Keep in mind that builders also offer thousands of dollars in incentives or special financing, and they include these things in their asking prices. Try to learn everything you can from the builder and deduct the incentives and specials that you can’t match from their asking price to get a realistic look.
- Visit your county property tax database. Most counties provide sales and comparable home information online. Your local taxing department is the final authority about what homes actually sold for.
Remember that homes are selling every day, if they are priced right. While seller’s want to hold out for the best offer, agents want to make quick sales. The real truth about asking versus selling prices lies somewhere in between, so home seller’s need to check their facts, first.
Thank you for visiting InfoTube.net. Please search our site to learn about thousands of great deals on real estate or if you are selling or renting a home, place a Free Home Listing with our compliments.
6 Tips for Pricing Your Home to Sell
Winner of the Best Sign Award
The first thing buyer’s ask is “How much is your asking price?” If the price is too high, the buyer will quickly lose interest. If the price is too low, you will quickly lose money.
In order to price a home correctly, you must understand your local real estate market and your competition. The goal is to set an asking price that successfully competes with homes that are comparable to yours. Setting the correct price is easy to do, if you follow these 6 simple steps.
Step 1. Get to Know Your Competition: Drive through your neighborhood, and other area’s that compete with yours. Identify the homes on the market that are similar to the one you are selling, with approximately the same size and age as yours, with the same number of bedrooms, baths and lot size. Visit local real estate websites, infotube.net, realtor.com, zillow and trulia to verify property details, square footages, asking prices, etc. These website can also help you find a complete listing of all homes that you may not have found on your drive by search.
Step 2: Tour Open Houses: Visit as many open houses as you can to see for yourself how your home compares. Learn as much as you can about the condition of these homes, such as upgrades done to the kitchens, baths and bedrooms.
Step 3: Find Recently Sold Properties: To correctly price your home, you need to know what others like it have actually sold for. To find out this information, you can visit your local tax assessors office, as housing data is public information. The internet can also cut down on your homework. Many tax assessor offices provide housing data online. You can also educate yourself by reviewing the “Recently Sold” feature at Zillow and Trulia. While these technology websites don’t have data for every location, they do cover most of the country.
Step 4: Add and Subtract: You now have information about property currently on the market and data for recently sold homes. Evaluate the asking and sales prices, property details, neighborhood ammenities and ask yourself how your home measures up?
Step 5: Be Honest and Impartial: This is the hardest step for anyone attempting to value their own property. Even Realtors, who price homes for a living, are notorious for overpricing their own homes. Forget about what houses sold for in the past. In most area’s, prices have decreased 15-20 percent in the past year alone. Price your property inline with your competition or it will simply sit on the market. Only competitively priced homes are selling in this market and buyers will only purchase what they perceive to be a good deal.
Step 6: Set Your Price: You have a complete picture of all the homes that compete with yours in the marketplace. Price your property aggressively from Day One on the Market. Pay attention to the effect subliminal pricing has on buyers and play to it. If your competition is priced at $250,000, price your home at $249,000, for example. Use your knowledge to to set a price that buyer’s can’t afford to pass up.
Congratulate yourself on a job well done!!! Not only have you determined an asking price for your property, you’ve become an experienced expert in your local scene. With your knowledge and sense of the competition, you will be able to honestly communicate about your homes’ advantages and disadvantages, when comparing it to other houses in the area.
Thank you for visiting InfoTube.net.