End House Arrest Entries
This form does not yet contain any fields.

    Price your home to sell

    Even if you know that home prices have dropped in your market, finding out what your home is worth right now can feel like a kick in the gut. 

    As I learned in selling my own house, the quicker you adopt realistic pricing, the faster your will sell your house. Just when we thought we couldn't take the pain of lowering our price any more, prices dropped further, leaving our home a little over priced for the market. It was only when we swallowed hard and priced it at what our broker said it was worth--and not 5 or 10% higher--that we sold it immediately. (Being a real estate professional doesn't mean you're immune to optimism!)

    What is realistic pricing? A good real estate broker should be able to help you do a study of recent sale prices of comparable properties in your area to guide you. A seasoned broker will also have a sense of what the comparable properties in the neighborhood are. As a layperson, it's easy to talk yourself into thinking that your 30-year-old condo is equivalent to the brand new one that went up across the street, so it is important to get a referral through word of mouth to a broker who will tell it like it is. You might not like what the broker has to say, but if you truly need to sell your home, it is important to listen and act on the broker's advice.

    If you're selling your home without a broker, sites such as Zillow can give you an idea of the going rate for similar homes in your area. Be brutally realistic with yourself about which homes are similar, so you don't set the price so high that your home languishes on the market. 

    "Wait a minute," you may be saying. "I put in granite countertops! The master bathroom is brand new! I spent $2,000 on landscaping and $8,000 on a new furnace last year." Even if you've done amazing things to improve your home, it is unlikely that you will be able to sell it for much more than the most recent sales in its category. If property values in your town have dropped 30% since the recession, then there is little chance that your home was the only one immune to the price decline. 

    Okay, that's the bad part. The good news is that if you price your home attractively out of the starting gate, you'll increase the likelihood of a quick sale. And, if values are still collapsing in your area, you'll improve your chances of selling your property before it is worth less--and free yourself from "house arrest."

    PrintView Printer Friendly Version

    EmailEmail Article to Friend

    References (6)

    References allow you to track sources for this article, as well as articles that were written in response to this article.
    • Response
      Response: LquieUXC
      Price your home to sell - End House Arrest Blog - A veteran real estate appraiser's tips for selling your home in a tough economy
    • Response
      What's up, its pleasant post Price your home to sell - End House Arrest Blog - A veteran real estate appraiser's tips for selling your home in a tough economyconcerning media print, we all be aware of media is a enormous source of facts.
    • Response
      Terrific Webpage, Stick to the fantastic job. thnx.
    • Response
      I like this a few pictures, every time Bracelet hermes I see this picture will associate from wol portefeuille burberry f to humanity. for man, the wolf is a terrible animal. Since the childhood story, as long as there is a wolf, immediately have a feeling with one's ...
    • Response
      Response: latex cover letter
      Flipping homes has numerous meanings. Investors bargain a belongings, rehab plus revamp moreover besides retail for a groom gain. This demands a multiple of process. There are home finders besides familiar as wholesalers, flippers or raven chows that judge nice distributes, acquire the assets tied up moreover below stipulate, plus therefore ...
    • Response
      Price your home to sell - End House Arrest Blog - A veteran real estate appraiser's tips for selling your home in a tough economy

    Reader Comments (1)

    Thank you for presenting great information..you are right we should price our home attractively out of the starting gate to increase the likelihood of a quick sale.:Thanks for sharing.

    PostPost a New Comment

    Enter your information below to add a new comment.

    My response is on my own website »
    Author Email (optional):
    Author URL (optional):
    Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>
    « Home improvements to make (and skip) | Main