Is your home sitting on the market and becoming stale? What you NEED to know now when it comes to pricing.

Dated: April 13 2021

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     Is your home sitting on the market and becoming stale? What you NEED to know now when it comes to pricing.

It may be hard to believe that properties are collecting dust in this current market. However, it is happing across the country. If your property has been sitting on the market for over 30 days with no solid offer, it’s time to reevaluation your marketing plan. If you are selling your home by yourself, you are also leaving money on the table. Want to know why other homes are selling way over the asking price and within a few days? You need to keep reading

1. Look at the current market

Know your competition. What are the properties for sale in your area? If you are selling a contemporary, stop comparing the value of your home with the neighbor down the street who sold her bi-level 3 years ago. Your property can’t compete with that sale. The sale is dated and the style of the home is different. This criterion is very important when it comes to the value of your home.  Do you think that 3 bedroom home can compete with a 6 bedroom home? It is possible. Consider the location. Is it closer to shopping and attractions? How is the school district? Are you in the heart of town or in the middle of nowhere? If you are measuring your home against a property that is 100 miles away, again they are not in the same realm for comparison.

Bottom Line: Only use comparable properties that sold recently in your area.


2. Consider hiring an appraiser

Hiring a professional appraiser is the best way to get the most accurate value of your home. Do you know that deals fall through all the time because the appraisal comes back and does not justify the accepted offer amount? Imagine that frustration and disappointment. You finally get a great offer, but your home isn’t worth it. It is now up to the seller to make up the difference or walk away. More often than not, the potential buyer is going to walk away and look for a fair value-priced home. There is no recourse for you now except to accept a backup offer if that hasn’t expired or to relist back on the market. Time and money wasted in the long run. Remember you are still responsible for the monthly costs of that property which may include but not limited to: taxes, HOA fees, maintenance, and utilities.

Bottom Line: The upfront cost of an appraiser will save you time and expense costs.


3. Listen to your gut, not your heart

Your home is a place where many fond memories were created. Holidays and celebrations were shared with loved ones. You watched your children grow up and marked their heights on the pantry door. Don’t forget the time you locked yourself out of your own bathroom. Yeah, we all have been there. To you, your home is priceless, special even. Anyone would love to live there, right? Wrong. No one cares about your memories or stories. Read that again. You can justify added on an additional 10k because it was your dear granddad who built the deck and not a local builder. The potential buyers are looking for a deal so that they can create their own memories.  Be realistic about the price of your home by looking in as an outsider. Flip the situation. Would you be willing to spend more on a home just because the owners’ children took their first steps there? I highly doubt it. So why should a potential buyer spend more on your place?

Bottom Line: When it comes to pricing, take your emotions out of the equation.


4. Get a trusted real estate agent

Ok, let’s talk real about real estate agents. They are not all created equal. When you select an agent it is important that your needs come before everything, including their commission check. With that said it is important that your agent guides you to a potential sale price that is at a fair market value. Let’s face it the higher the sale price the higher the commission will be. However, what’s the point of creating an unrealistic sales goal if the property will just sit there because it is unreasonable. If you aren’t a good judge of character ask for recommendations and read reviews online about potential agents. Realtors are committed to providing excellent service and undergo additional training about ethical practices and professional standards. Make sure to ask about the agent’s credentials.

Bottom Line: Vet your realtor and get to know them before working together.

Remember this is a seller’s market, but you still need to make smart money moves to ensure that your property will be sold. If you need more assistance, I would be happy to help you. Call me for a consultation. +15709895352

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Jennifer Mazzell

Jennifer Mazzell was born and raised in New York. Her passion for art and education lead her to a teaching career for nearly 20 years. In addition to being an educator, Mazzell ran an art studio for 5....

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