In today’s real estate market in Johnson County, pricing is one of the most important aspects of marketing your home for sale. Here’s a short list of the most common mistakes home sellers should avoid!
- Hiring a real estate agent who informs you can get an inflated price! Today – we have to sell our home 4 times before closing. So putting an unrealistic figure can be counterproductive. Many agents feel pressured by the homeowner to tell when what they want to hear. That’s not the medicine! It’s a much better practice to select the best Realtor and come to a strategy on pricing together!
- Selecting a price
ofthe home based on need rather than what the market will bear! The buyers will put an offer on homes that offer good value! That’s what everyone wants!
- Not considering any negative concerns: Keep in mind, that negative perspectives are different to all parties. But you do have to realize what is acceptable in the area! For example: being on a busy street, backing to commercial property, being at the bottom of the hill for water runoff/drainage concerns, being the largest home in the area. Remember the phrase: location, location, location.
- Not considering the current competition available: We all know that everyone wants the most home for the money. Buyers will look at many homes to compare and decide the pros and cons of each home – how it will fit their family needs. Also consider how many homes are on the market, how quickly are the selling & are they foreclosures or short sales. It’s very important to look at
potentialsales price of your home with current pending and recently closed home sales. The pending sales and recently closed sales will be heavily considered by the appraisers.
- Using dissimilar comparable homes: Many appraisers will use homes that have recently sold with similar amenities. Example: the same floor plan,
homelocated within a mile of your property – they prefer it to be within 10% of the home size and lot size and ideally in similar condition!
Keep in mind, that not all appraisal are the same. There are different types of appraisals and uses. You need one that is for comparable market analysis. The appraiser will use those with recently closed sales and take in consideration the pending. But not putting most of the weight on pending sales until they closed. Keep in mind, that an appraisal value may not be its market value.
If you’d like to meet with me to discuss your home, it’s value, staging options, how to prepare for showings, feel free to email or call me. We can put together a strategy that works for you!