Pricing: Sell Your Home, Not Other Properties!

Real Estate Sales

Setting the right asking price is one of the most important parts of what goes into a sale.  These parts include: location, condition, terms, the market, staging and price.  We cannot control location (a quiet street or a messy neighbor) or the market or terms (demand, competition, interest rates etc.).  And sometimes a major repair (condition, a new roof) is out of reach because of cash flow.  But we have control over the asking price and how it shows, or the staging of the property.  The city assessment is not the best place to go for setting the asking price because these assessments are often years behind the current market value.  That assessment can be high or low compared to the current market.  You should base the asking price on properties that have sold recently and that are like/kind to your property.  Adjustments in asking price can be made for a garage, size of lot, number of bathrooms etc.  A home is only worth what one person is willing to pay another person for that home.

Staging is the other part of the sale we can control.  Most agents & sellers don’t understand the impact of staging on the sale process.  Staging is not interior decorating or baking a pie before an open house.  Staging is enabling the buyers to envision themselves in the home.  I will explain the staging concept in my RE show coming up in a few weeks.  Remember, if your property is over-priced or does not show well, it may aid the sale of other properties on the market. Price to sell your property, not theirs!

 

Thanks for reading!

Michael Spurr