Archives for July 2015

How to Price Your Home to Sell

Getting the price right is the most important factor when you are putting your house on the market.  Here are some hints for setting the price just right:

1.  Look for information about similar homes that have sold and closed escrow, those that are in escrow, and those that are presently on the market.  The location, condition, amenities should be close to those of your house.  We are in an area where many homes are custom and have unique floor plans.  Even the best comparable homes are not just like your home.  Only in a tract or condo development will the homes have identical floor plans.  I usually look at homes of similar square footage, using a range based on the size of my client’s home.  If the subject property is 2500 square feet, I would probably search in sizes ranging from 2100 to 2900 square feet.  Some of the homes found will have additional bedrooms and bathrooms and I will make adjustments to the price based on statistics obtained from the Multiple Listing Service.  The presence of an ample backyard is a big factor.  A swimming pool, I have found, is a feature that usually does not add value or subtract value for most buyers.

2. Time on the market is an important factor.  In a normal market homes should sell within thirty days if they are priced correctly.

3.  When pricing your home, try not the be at the top of the price range for similar competing homes; this is a factor often overlooked by homeowners and agents.

4.  If you put your home on the market and you are having a lot of viewings, but no sale, your price is probably too high.  If you are getting very few showings, there may be something wrong with the property itself.

5.  If your home is not in escrow within the first thirty days on the market, I recommend cancelling the listing and re-listing it, rather than simply lowering the price.  Homes that are new on the market, or appear to be new on the market, always get more attention and are many times e-mailed out to prospects put into the system by their respective agents.

6.  Look at the situation often, as new houses come on the market and hopefully many are selling, as well.

Contact me for a complimentary market evaluation of your home!