It’s been my experience when people first consider selling their house, they have done some research online, talked to the neighbors, and thought about the price that they would like to sell their house for.
Unfortunately, people often have a misconception of what their home is worth. They create an asking price considering subjective issues such as how much they want and need to make on the sale. This price may be too high or too low based on information on what a house down the street sold for a year ago or they have gone to one of the many websites that showed them what their home is valued at.
What they don’t know is that these websites don't figure into their Algorithms subtle things such as the historical importance of the area, its relation to freeways, schools and etc. All of which impact the value of their home.
As you begin to consider selling your property, you need to identify and separate two concepts: Your home and your house. Remember, you will be packing up and taking your “home” with you when you go. It is your “house” you will be selling!
As you consider an asking price for your house, your house will sell for about what other houses in your area are selling for at the time. Amenities like great cabinets and counters, tile floors or a great back patio along, and other attractive features- will increase the desirability and “sale-ability” of your house, but generally will not significantly increase what you will get for your house when you sell it. Conversely, these desirable features will add to its value at the time of appraisal. If a home is priced too low under the competition, the seller should receive multiple offers which may drive up the price to market value. It is often said that there is little danger in pricing a home too low. The danger lies in pricing it too high.
Essentially, homes sell at a price that a buyer is willing to pay, what banks are willing to lend based on neighborhood comparables and finally, what a seller is willing to accept.
What you need to determine at the beginning of your transaction, is whether you actually want to SELL your house or whether you are just going to list it.
Another important consideration is the longer your house stays on the market, the less buyers will choose to place an offer for a home that is stale dated and market-worn because it was overpriced.
Sometimes a seller will get weary of the sale process and actually sell under market value because they are discouraged and desperately want to get on with their plans. Don’t let this happen to you.
Give me a call and I will show you the true value of your home and how to avoid the pitfalls that I have mentioned above!
Roger at 951-233-2010
PRICED TO SELL!