Image via WikipediaIf you are planning on selling your house, the first thing you should do is to set an asking price a maneuver to balance between drawing solid offers and ultimately getting the top dollar.
You might have heard your Granada Hills Realtor or other industry professional talking about fair market value. Fair market value is the highest possible value that a buyer is willing to pay for a particular property. It is not usually the asking price and is not the same with the latter.
A lot of agents would start by conducting a competitive market analysis of your house to determine the estimated fair market value of your home, which often varies depending on the housing market in the area and how much similar homes in the neighborhood costs and selling for.
You are at an advantage if the community you are living in is a hot seller’s market like those in California and much of the West.
"The market has been gaining steam, and the seller is taking control. Our average number of days on the market went from 30 days to 7 days or less."
Although overpricing can sometimes be beneficial, you have to be careful not to set your price a bit too high which will often cost you a sale you might have had if you were not too greedy.
As you are working with your agent to set your price, you would want to recognize possible factors that may give rise to you raising your asking price a bit too much when it isn’t warranted. These are some of those factors:
· Added upgrades. Although some of the improvement you might have made will help you get back a good chunk of your investments, it won’t necessarily give you the entire amount you spent down to the last penny. Also, remember that the more personal the improvement is – swimming pool or purple floors – the lesser it is to be viewed favorably by prospective buyers.
· Your need for money.
· Moving to a higher-priced area.
· You bought the property at a high price.
· Undetermined market value due to the lack of factual comparable sales
· You want more bargaining room.
· Lack of motivation because of unnecessary move.
However, if you are in a more neutral buyer’s market like Minneapolis, you should be careful in setting your price.
According to Michael Gentile, a Granada Hills Realtor, "while a few select neighborhoods are experiencing good activity, the market generally is favoring buyers." She also added that, "price reductions are becoming more common and sellers are having a tough time adjusting to fewer offers, fewer multiple offers and increased market time to sell. Buyers are less emotional and not afraid to offer significantly less than list price plus ask for additional seller participation."
As a general practice, the asking price is slightly higher, say an addition of 1 to 3 percent, than the market value.
This comment has been removed by the author.
ReplyDeleteI saw this this post on google.It is very helpful post for buying house it makes a brief description about selling or purchasing houses.Realtor Granada Hills offers also a great Real Estate deals.
ReplyDelete