FINDING THE RIGHT PRICE FOR YOUR PROPERTY

Posted by DB Wilson on Tuesday, March 27th, 2012 at 11:56am.

Selling your home can be an exciting time. It’s a time for change, and for some, a time for starting over. It can also be a stressful time, especially when it comes to finding a buyer.  The best way to assure you find the right buyer, is by first finding the right price. Many sellers make the mistake of thinking the value of their home should without a doubt be the same or more than what they purchased it for. Unfortunately, it doesn’t work that way.

The truth is that there is an art to pricing a home, and to do it right you need to know the market, or find someone who does.  Together, you need to compare similar properties in similar locations, make adjustments based on any differences among them, and of course track the market. If you do all of this right, you will have an educated opinion of the home’s current value.
 
One mistake sellers make is pricing too high, when in reality they would be better off pricing too low. If they price low—that is, under the competition of comparable homes—then they will hopefully receive multiple offers, which will allow them to drive up the price to market value. They don’t have to accept the first offer; they can wait until they find an acceptable price that the buyer is willing to pay. However, by pricing too high, they may not receive any offers and the listing will grow stale.  Buyers often look for fresh listings, and when the home has been on the market too long, this can delay its sale because buyers assume there must be something wrong with it.

It is important to carefully select a real estate agent who is in touch with your local market and knows how to price a home. Don’t be offended if you think your home is worth more than what the market can offer at this time.  Most homeowners would rather sell a home for less than have their listing expire.  And don’t forget that if your home has been on the market with no luck and your listing has gone stale, you can seek out agents who specialize in finding the right price for expired listings.

For more information on pricing your property, please contact RE/MAX of Boulder, Inc. at 303-449-7000, or RE/MAX of Boulder, Inc.

RE/MAX of Boulder, Inc. located on the corner of Canyon and Folsom, is nationally and locally recognized as one of the most successful real estate offices in the industry. Nationally, they are one of the "Top 500 Power Brokers in the United States" as listed in National Real Estate & Relocation magazine. Real Trends ranked them #1 in the Nation for Closed Sales Volume for 2010. Regionally, for the 5th year in a row, the company has been named the #1 RE/MAX office in America for Single Office Closed Volume. They can be reached at 303.449.7000 or visit http://www.BoulderCO.com. Connect with them on Facebook and Twitter, search remaxofboulder. Subscribe to their YouTube channel and see videos of all their homes for sale at http://youtube.com/remaxofboulder

Leave a Comment