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I recently spoke to a few past client and fututre cl;ient and the biggest question in their minds was what I do to discover the price of their home that will make it sell. Well here goes....
Okay, you and your significant other have decided to sell your house and move. You contact a Realtor to pay your home a visit and price it for the market. Now what?
Most home sellers do not jump up and down with joy when they hear how much the Realtor believes their house is worth. Why is this? One reason and one reason only. Emotions! Home owners are very emotional about their home and how much they think it's worth. Realtors are not emotional. It's their job to price the home as high as possible, but at the same time have it be competitive within the parameters of the current market.
To educate you the seller on what you can expect the next time your house is priced to go on the market, here is what a Realtor looks at to determine your bottom line.
- Comparables Within your very own neighborhood or slightly outside of your neighborhood, a Realtor looks at "like-featured" houses that have sold within the past six months. A Realtor looks at square feet, bedrooms and baths, upgrades you have made to your own house versus others, and amenities.
- Competition A Realtor will also look at active comparables currently on the market to see exactly who your competition is. Do you have the same home right down the street from you for 5K more and it has less amenities and square feet? Criteria like this is important in determining the highest priced analysis used by your agent.
- Contingency Releases Contingency releases are factors that can make or break a deal. For example, let's say that you have the best house on the market with the most amenities, square feet, and for the best price. A potential buyer comes along and falls in love with your house. Only there's one big problem. You can't move out of your house for three months until the kids are through with school. Problem is that your buyer's don't have this issue and need a place within 30 days. The less restrictions and barriers you have to the sale of your own house, the better.
- Don't suggest a higher price when the Realtor doesn't have the comps to back it up. Remember once again, you're emotional about the sale of your house; and your Realtor is not. That is his job to come up with the highest priced analysis. Don't suggest that he tries listing your house for 10K. Buyers are very educated in today's market and when accompanied by a buyer's agent, even more so.
- Hire an appraiser and get a market value appraisal done on your house. Appraisals go anywheres from $250 to $500 so shop around. Let the appraiser know what major mechanicals have been upgraded since you've lived in the house. Have you remodeled any bedrooms, baths, kitchens, etc.? Have you replaced any flooring, added any space or additions, decks, porches, etc. All these are factors which will potentially increase the value of your home, thereby increasing the net proceeds you will receive at closing.
- Know the exact dollar amount that YOU have to get in order to move forward with your next home purchase. A good Realtor will provide for you at no charge a 'Seller's Net Proceeds' sheet that will let you know, minus all the charges, fees, and commission, how much you will potentially walk away with at the closing table.
We have now enetered into the beginning of 2008 and yes we are in the Spirng market. Starting March 1, 2008, the number of listings entering the market will increase exponentially. If your house is priced competitively, and fairly, then you will get the most money out of the sale of your home in the least amount of time.
If you would like a highest priced analysis done on your home at no charge, contact me at 781-389-7252and ask for Cidalia.
Cidalia Mendonca Matukas
Keller Williams Realty
www.HomesbyCidalia.com
Cidalia@kw.com
781-389-7252
Central heat
