sell quickly and for the most money
By properly pricing your home you ensure that the gap between
the asking and selling price is small and that there will be a greater
likelihood of competing offers. Your home will also maintain its
'marketability' for a longer period of time before people start to say...
"That home has been for sale forever. What's wrong with it?"
A house that is priced 10% over its
actual market value is many times less likely to sell in the initial 30
days of marketing than one priced within 5% of its true value. Not only
will an over-priced home take longer to sell, it is also likely to sell
for less than it's actual value. This is due to the "discount"
often associated with properties that have been on the market for a longer
than average time. It should be pointed out that recommended listing prices are based on
historical sales and current market conditions. It is always difficult to
walk the fine line between getting the most for a property while at the
same time ensuring your asking price is competitive enough to attract
serious offers. How you feel about testing the market will determine how much higher
than the current selling prices of similar properties you'll wish to ask
for your home. You can always start at a higher price than the market is
currently bearing and then, if necessary, reduce your price at a future
date. The drawback to this is that it could take longer than normal to
sell and you could end up helping to sell other similar homes as they may
look comparably less expensive than yours.
This is where the experience and knowledge of a good REALTOR
like myself is
invaluable. I spend a lot of time and energy making sure I know the local market inside and out.
I keep a watchful eye on the market and have the resources, connections and ability to keep you
up-to-date with its constant changes. I know all of the properties
currently for sale in our area, and I am literally your best resource for
determining and getting the highest price possible.
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The Main Factors That Affect Market Value Are...
Location: availability of community amenities, such as public transportation, parks,
stores, churches and schools, quality and consistency of neighborhood
planning, future development plans and local zoning
Property: style, layout, size, age and quality of construction of the building.
size, shape, privacy and landscaping of the yard
Condition of the Home: first
impressions, floor plan, quality and condition of fixtures,
general overall condition of main mechanical systems i.e. roof, furnace,
electrical system, plumbing, central air
Comparable Properties: the asking and selling prices of comparable neighboring
Market Conditions and the Economy: number of homes currently on the market, number of people looking to buy,
the state of the local and national economy, current mortgage rates
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Market Conditions and the Value of Your Home
No matter the condition or
desirability of your home, its value will be affected by current market
conditions. Here are the various conditions you may encounter and how they
will affect you:
The number of homes on the market is equal to the number of buyers (supply
equals demand). In this market, prices are stable and homes sell within a
reasonable period of time. It is a calm atmosphere with buyers having a
satisfactory number of homes from which to choose.
The number of buyers exceeds the number of homes on the market (demand
greater than supply). In this market prices are increasing and homes sell
quickly. As a seller you will probably have more negotiating power and
obtain a higher selling price for your property. Unfortunately you will be
on the other side of the fence when purchasing your next home.
The supply of homes exceeds the number of buyers (supply greater than
demand). In this market prices tend to drop and the homes stay on the
market longer. Thus your home may take longer to sell and you will have
less negotiating power in terms of the selling price. Fortunately you will
be in the driver's seat when making an offer on your next home.
When you understand current market conditions, you are better able to
position yourself as a Seller. It helps to know if you are in a Seller's,
Buyer's or Balanced market when setting your asking price. In a Seller's
market, there is little competition and you may ask for and achieve a
slightly higher price than you anticipated. In a Buyer's market there is a
lot more competition and Buyers have plenty of choices and room to
negotiate, forcing you to be very competitive when setting your price. In
a Balanced market you will have a fair number of showings and sell in a
reasonable amount of time if properly priced.
The best way of establishing an accurate range of value for your
property is to have me prepare a computerized home
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Mike Burns, CRS,
The Real Estate Group, Inc
5725 Windy Dr Suite E
Stevens Point, WI 54482
Direct: 715 295-5008
Cell: 715 498-1248
Fax: 715 295-5006