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Price your property to sell! Why? Because, price is usually the most critical facet in selling a home. Just as you want the best value for your money, your home buyer will want the best value for his or her money too. Unless your home buyer knows something you don’t, or unless they are stupid, it is unlikely that any home buyer will pay more than what the market says the property is worth. Again, there are exceptions to the rule. For example, in some cases a “buyer frenzy” can develop when two or more home buyers are chasing after the same property. In such cases, the successful home buyer may end paying more than the true market value. However, generally a property will sell for around what similar homes in the same area will sell for. These are homes of a similar size, with similar amenities, similar in style, age etc. MARKET VALUE is what recent sales will tell you your house is worth TODAY! This is why it is important to price your house correctly. Base your price around what similar homes have sold for recently, not on some “pie in the sky” dream. It really doesn’t matter what you “want to get” or what you “need to get”… you home is only worth what someone is prepared to pay for it. Recent sales of comparable properties in comparable areas are usually the best indicator of what someone might be prepared to pay. Lets face it; we are only interested in ourselves. It’s the old WIIFM – “What’s In It For Me.” A home buyer really doesn’t care about how much you might want or need… they really only care what the property is worth to them. If you over-price your house above the market value then you might be left sitting there with all those other over - priced homeowners who can’t sell either. In cases like this, the agent usually blames the seller and the seller usually blames the agent. Fact is; no two homes are exactly alike and that’s why some are easier to sell than others. For example I sold a house with magnificent harbor views, 2½ minutes from the city center… it was of a similar size and standard to the surrounding homes. However, I sold it for higher than market value because, unlike the others, it had drive-on access for 3 cars. That was the reason I got a higher price. Rule of thumb is that if a property is in excellent condition, then it should sell close to the full market value. If the property is not up to scratch, then the sale price is likely to somewhat less depending on its condition. The price a home buyer is willing to pay will generally reflect the condition of the property. The condition of the property is something that can often be improved with careful thought and careful use of money. If a real estate agent is really honest, they will tell you that ‘over pricing’ is usually the number one reason why a property fails to sell. Usually the quickest way to get result when selling a property, is to alter the price. If your house has not sold because of its condition, either fix what’s wrong, or alter your price until it does sell. As any good agent will tell you, “when priced correctly, a property will sell regardless of condition or location.” For more property for sale by owner (fsbo) tips visit http://www.instantsellhome.com . © Noel Peebles Market Leaders Limited.
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