Sunday, March 03, 2013
Pricing Your Home to Sell - Examine motivation first
When one decides to sell their home in any market it is critical to examine motivation.
Understanding the "why you are selling" is the critical first step. The "why" will always impact every other decision in the process.
I read a survey not long ago that reported something like 70% of real estate agents felt their seller clients over estimated the value of their home. Interestingly, in this report only 7% of sellers actually underestimated value.
How does a buyer define value?
Often real estate marketing materials promote prices "below market value." [Another oft used phrase is "below assessed value" which really no has bearing on real value.]
Most of these involve short sale listings where the selling agent is trying to get any offer to get the process going (not my approach to a short sale).
Sometimes you do run across homes that are truly priced below current comparable properties. These are the exceptions and potentially a great deal! In the end, the market (buyer) will set the price - not the seller or any real estate agent.
If a seller has less than real motivation, then the price will be higher than the market for similar properties. It is as if they have "do not disturb" in the showing instructions!
Buyers will always seek value in any market. Motivated sellers will offer value. Value does not mean under price either!
Sellers remember this - prospective buyers read your motivation by your price.
Gary L. Waters PLLC, Florida licensed real estate agent, Serving Brevard Realty, Merritt Island, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.