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Anthony Stokes-Pereira

Selling Your Home - The Dangers of Overpricing

As a seller, focusing on maximizing your profit rather than current market trends could cause you to miss the right buyer for your home. Overpricing your home DOES have consequences. Consider these "famous last words" of pricing pitfalls:

  1. "Buyers who really like my home will make an offer regardless of the listing price."
  2. "I can always come down on price when an offer comes in."
  3. "My home is so much nicer than all of the others. A higher price is justified."
  4. "I don't have to sell right away."
  5. "I want to test the market first to see what I can get."

Overpricing when you list your house can come with clear dangers:

  1. The best time to capture a buyer is in the first weeks when sales professional and buyer interest is the highest. Don't squander this critical marketing period.
  2. Sellers who start high and stay high can be branded as unreasonable.
  3. Sales professional enthusiasm dims on overpriced homes.
  4. Advertising and other marketing efforts are neutralized.
  5. Sales professionals and buyers tend to overlook and discount aged properties. To prevent your house from being overlooked, price it fairly to keep sales professional' and buyers' attention.
  6. Aged properties draw lower offers. Early offers tend to be higher, so price carefully initially to get fair offers.

Pricing your home to its fair market value is important. To guard against overpricing, ask your sales professional to prepare a comparative market analysis (CMA) on your home.

For assistance with any of your real estate needs, please call or visit me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question. I would welcome the opportunity to make a difference for you.

Click now to download

Anthony Stokes-Pereira
Office:
(845) 770-2188
Cell:
(845) 538-7021
Email:
anthony.stokespereira@prudentialrand.com
www.anthony.stokespereira.com

This post is intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice.

Selling Your Home - Right Pricing Your Home

The correct pricing method is a comparison of your home to similar homes which have recently sold and which are currently on the market. If the market is rapidly changing the most valuable sales will be the most recent. Generally, a sale that is aged more than six months is too old to provide a realistic picture of what the current market is doing.

Comparable homes are chosen using a number of criteria:

  1. Proximity to your house
  2. Size - the square footage should not be more or less than 15 percent of the size of your house's size
  3. Age - the age of the comparables should be as close to the age of your house as possible
  4. Basic appeal to a market - number of bedrooms and baths, number of stories, and the garage size should be similar
  5. Amenities - these are costly extras such as a pool, hot tub, and recent major renovations
  6. Normal sales conditions

After the comparable homes are selected, values are adjusted. This is done to make the homes as much like the subject as possible.

Pricing your property is a science and an art. When you price in line with recently sold data, you have clear information that shows what homes sell for. This is valuable because your home must appraise for at least what the buyer will borrow against it.

The art of pricing comes in analyzing your competition, assessing the buyer demand, current market conditions, available financing, and the lure of the new home market. Your sales professional compiles and analyzes all of this input in a competitive market analysis (CMA). The goal is finding the right balance between selling and getting the most money.

For assistance with any of your real estate needs, please call or visit me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question. I would welcome the opportunity to make a difference for you.

Click now to download

Anthony Stokes-Pereira
Office:
(845) 770-2188
Cell:
(845) 538-7021
Email:
anthony.stokespereira@prudentialrand.com
www.anthony.stokespereira.com

This post is intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice.

Selling Your Home - Price Reductions

When you sell, you want to net the most out of the sale. If no buyers are making an offer, an aggressive remedy is to reduce your asking price.

You should consider the following:

  1. Time Theory of Value: the higher the price, the longer it will take to sell a property. If you are ready to sell, reduce the price.
  2. Pyramid of Value: the lower the price the more people will be willing to purchase a property. If want more buyers to consider your property, reduce the price.
  3. Reluctance to reduce a price is very costly. Some costs are obvious like double house payments or double utilities. Others are personal and affect the harmony of the household:
    1. Separation of the family when one spouse moves to the new location and one stays behind with the kids
    2. Stress of keeping the home in show-able condition
    3. Uncertainty of not knowing when or where you will move
    4. Inconvenience of leaving during showings

    Calculate these costs in real dollar terms in deciding to reduce.

  4. Consider your plans. Is the home you are buying larger or appreciating? The increase in value in your next home could diminish any gain in equity that comes from standing firm on your list price.
  5. A market is dynamic and should regularly be re-evaluated. Look at what has come on the market and sold since you listed. No amount of seller angst or need to maximize equity will change the price that a buyer is willing to pay. Remember that it is the buyer who ultimately sets the selling price.

For assistance with any of your real estate needs, please call or visit me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question. I would welcome the opportunity to make a difference for you.

Click now to download

Anthony Stokes-Pereira
Office:
(845) 770-2188
Cell:
(845) 538-7021
Email:
anthony.stokespereira@prudentialrand.com
www.anthony.stokespereira.com

This post is intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice.

Buying A Home - Buyers Guide

An excellent place to begin exploring the process of buying a home. Here, you will find answers to common questions about buying a home. The home buying tools here help you understand all of the steps you must take to have a successful and stress-free home buying experience. When you're ready, you can contact me "Anthony Stokes-Pereira" to help make your dream home a reality.

f your house is currently listed with another broker this is not intended as a solicitation of that listing.
Anthony Stokes-Pereira
NY State Licensed Real Estate Associate, REALTOR-ASSOCIATE®
Direct: (845) 770-2188
Office: (845) 624-8100 Ext: 188
Email: anthony.stokespereira@prudentialrand.com

Home Sellers Guide

How Much Is Your Home Worth

An excellent place to begin exploring the process of selling your home. Here, you will find answers to common questions about selling your home. The home selling tools here help you understand all of the steps you must take to have a successful and stress-free home selling experience. Now that the technology age is here, we've found many new ways to reach out to potential buyers through our exclusive combination of print, broadcast and Internet media. We call it our Multi-media Marketing Campaign, and it gives each of our listings the maximum exposure available anywhere. When you're ready, you can contact me "Anthony Stokes-Pereira" to help make your dream home a reality.

If your house is currently listed with another broker this is not intended as a solicitation of that listing.
Anthony Stokes-Pereira
NY State Licensed Real Estate Associate, REALTOR-ASSOCIATE®
Direct: (845) 770-2188
Office: (845) 624-8100 Ext: 188
Email: anthony.stokespereira@prudentialrand.com