Best of the Best Jaret & Cohn Real Estate The Inn at Camden Place
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  • Price Well

    July 17th, 2010

    When it’s time to sell your home, it’s very easy to be enticed to overprice your home. We all know that prices were at an all time high in 2006-2007 and that prices have dramatically taken a nose dive in the past few years.

    It makes sense that you want to price your home above the fair market value. You may have purchased your home when prices are a high and don’t want to loose money. Or you may have made improvements that you hope to see a return on. However those factors don’t change the price a buyer is willing to pay or the amount an appraiser will value your home in today’s market.

    Be careful in the pricing of your home, as you probably won’t realize you are priced too high until after you suffer from a lack of showings and minimal interest.

    People generally purchase buy by comparison shopping. They will look at the better “deals” first unless your home is so unique that it can not be compared to other properties.

    Find out what homes are on the market at the same price level as yours. Do they have more features? Are they in a better location? Updated? The buyers will likely be attracted other homes at the same price if they will receive more home/value for the price.

    Also, if you do find a buyer at your price, know that they buyer’s financing could fail because of a low appraisal. The appraiser must prove that the house meets a standard and price that justified by market conditions and sales history.

    So what can you do insure your home will be shown and that your price will stand up to an appraisal? Work closely with an experienced Jaret and Cohn Broker who knows the market in your neighborhood and town. And strongly take into consideration market trends, comparable properties and the advice your real estate agent offers.