42 years in business.

Monday, July 25, 2011

The Property Must Sell

Sellers have different reasons for listing their property. Often times the situation is not dire, they simply want to be in a different neighborhood, area of town, or would like more space. If their house does not sell, they may be disappointed, but not necessarily in a bad spot.

However, there are many scenarios where the property must sell and owner's are feeling the pressure. For example, relocation, estate sales, medical issues, and job loss.

There are a few things to understand when selling under pressure. The sale price of the home years ago has no relevance today. Improvements that have been made will not bring back a dollar for dollar return. And improvements such as a roof, driveway, new furnace will make the property easier to sell but will not ensure a higher sale price.

It is important to keep in mind that a buyer will not pay a premium price simply because the seller feels their home is worth a certain amount.

If you are facing a deadline to sell, the Comparative Market Analysis (CMA) provided by your agent is the key to determining the initial list price because it reflects the average sale price - not list price. To sell quickly and stay ahead of the competition a seller should list the property below the average sale price or market value. Market value is what the buyer is willing to pay for a house. It is important to look at recent sales because a house that sold even a year ago may not reflect current market value.

If you need a quick sale, the best approach is to list under market value. An under priced home will seem like a bargain and attract more attention. It is always better to sell low sooner than to reduce the price and sell low later.

*image provided by google images

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