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Five Things to Consider When Pricing Your Home

Thanks to the internet, buyers have access to more information regarding homes for sale than ever before. Here are five things to consider when pricing your home for sale.

 

Thanks to the Internet, buyers have access to more information regarding homes for sale than ever before. They learn as much as they can about a home, weigh what’s most important to them and then make an offer accordingly. Remember, a buyer decides what a home is worth (or rather the appraiser) and a seller decides what price they are willing to let it go. Here are five things to consider when pricing your home for sale.

  1. Location, Location, Location:
    You can’t control your property’s location – it is what it is – but know that buyers seriously consider location as a reason for purchasing a home. As a seller, focus instead on optimizing what you can change, like condition and price.
  2. Your Property’s Condition: For example, if the age of your roof and mechanicals are close to or past their life expectancy, a buyer is going to consider offering you less knowing they will need to invest in updates in the near future.
  3. Your Floor plan: Does the floor plan of your home appeal to more buyers or fewer buyers? Does it have enough bedrooms and bathrooms? Does your property’s interior decor appeal to the average buyer? Exceptional floor plans and décor typically require an exceptional buyer, which could take longer to find in today’s market.
  4. Price: As a seller, choose your price carefully. If your location, your property’s condition and its floor plan is above average, meaning appeals to more buyers than fewer buyers, then pricing your property based on recently sold and comparable properties should position you to sell sooner than later. Click here for this week’s local Market Update report.
  5. Time: If you set your price higher than what a buyer reasonably will pay based on the above considered buyer criteria, you may be waiting a much longer time to sell.

A SPECIAL NOTE: I am dedicating this week’s real estate blog to the memory of Marguerite Burbank, a friend and local real estate professional is . Please click here to visit a beautiful tribute to Marguerite.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Rico June 01, 2012 at 02:17 AM
It is interesting to see what is going on in Mill Valley as for real estate sales. Out of the few new houses built in the last few years in my area (Mill Valley Heights), one developer went bankrupt , but found a wealthy buyer who is a hospital official at Marin General who bought the house and hired the bankrupt developer to finish the house. Another was a nice high end house that was on the market for a few years, but no takers, so the developer/builder moved into the house instead, nice spot . Then there is a triplex built on a very steep hillside, the owner went bankrupt, and still is living there and renting out units, but the bank is out of state and did not foreclose on the project. Recently, my friends who have been renting a house from Barney G. for 28 years, got the boot when Barney lost his shirt on his 10 rental properties. The house was never listed, but sold within weeks for cheap. I know one customer who has been trying to sell his original family house up on Tamalpais for 6 years, no luck, they are stuck. Probably the price is too high (around $3 million). Then, there is a house priced at $2.2 million on Dots Lane that was on the market for a few years, pulled off, rented out, and now the owner (I heard ) is going to try again, so the renters are getting the boot. There is a large house on Monte Vista that has been on the market for 7 years, no sale. So, there are many factors besides location, it's more about price and what people want for their money.

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