The Crucial Step of Setting the Right Price
Lake Norman, Mooresville, Huntersville, Denver, Davidson Property
The biggest error made by sellers in any market but especially in a growing market like we have in the Charlotte and Lake Norma area is expecting too high a price. With a price that is unrealistically high, a house will stay on the market for a lengthy period and that is deadly. This can be particularly problematic if you have selected your next home, with the pressure to obtain the resources to make the commitment on your new home.
Price for Value
To be successful, the thing to keep in mind as a starting point is that to be successful you have to be the very best buy in the area. If you are working with a Realtor, he or she will be able to provide you with an analysis and tell you the price structure of success in the current market. A good Realtor is familiar with the market and can assist you in setting a good price point that will be to your advantage in making the sale.
Quick Sale Versus More Money
You have to start off knowing that the optimum transaction is not getting the highest price you can possibly get from the deal, but getting the highest price in the shortest reasonable time. Your time is a valuable asset in its own right, and that applies as well to the time needed to find the perfect buyer, or rather having the right buyer locate get around to locating your gem of a home. If you look at it with this in mind, you can start to see the problem in a new way. Especially if you are in a slow time in the market, dropping your price after a time of inactivity communicates the idea to buyers that you might be in a vulnerable position. They tend to respond all too well to any signal that you are under pressure.
You Might Have to Make Compromises
Market conditions may determine not only the price you can get for your home as mentioned above, but when the sale can best be successfully accomplished as well. It just might not be the time for you to sell now for that top dollar price, but still, when the situation changes you may have to go with little notice. You might have to be willing to wait, or take advantage of a market shift and sell quickly, depending on market direction and momentum. That situation could be especially troubling; though you may have options available such as staying with family or friends for a time if you have to sell your home before you have another, more likely you would have to move into a short-term rental situation which could whittle away at the money you might have made with your timing. In some cases, the buyer might delay taking possession of the property if you ask, especially if they want to stay in their current home a little longer. In most cases, though, as soon as the buyers know their mortgage is approved they will be anxious to close within a week or two.
The Condition of the Home Impacts Both Price and How Fast the Sale Is Completed
It is just too easy to not think about differences in value when you are deciding on a price for your home and you see others selling at good prices. If you have not maintained your home in excellent shape, you may not be able to sell it at the same good price as similar homes. If this happens you may be successful in pricing it to sell quickly by offsetting the price of any repairs that will be left to the new homeowner. This would result in a lower selling price but, offsetting it, a lower level of involvement on your part. Again, what is your involvement and time worth? Work of a serious nature such as a crack in the foundation, roofing, and fixing heating/cooling units may not be eligible for this kind of treatment, although you can get away with it for things that affect the way things look. Things like fixing windows and shutters, cleaning the carpets and other similar projects can be avoided by lowering your asking price for the home. There are buyers who go out of their way to look for just such opportunities, since they like to see themselves as being adept at trading their own effort for money in their pocket -- and you can benefit from this situation if it applies to your home, but only if you price it to sell. Remember, considering both the expense of spinning your wheels and having the house sitting for too long a time for sale, both in terms of foregone monetary opportunity and time and in the erosion of the home's advantage in being fresh and new on the market, the best thing you can do is to price it right from the start. Sell it without giving it a chance to lose its luster.
This article was furnished by Automated Homefinder, the Colorado real estate resource.