What is Your Home Worth?
When you are selling a house, price, condition and exposure are usually the three most important factors. This is especially true in a down market.
Your asking price is based on two things, an appraisal and a comparative market analysis. A certified appraiser performs the appraisal; this is an estimate of the value of your house at a given time. The real estate agent does the comparative market analysis; this is an informal estimate based on comparative homes in your neighborhood. These two sources need to be kept in mind when determining your asking price. You want to be careful not to start too high, or come down too low. Also, the market is always changing and fluctuating, so be sure that your asking price is based on the most recent appraisal and comparative market analysis. Your real estate agent can help you price your house so that it will be attractive to buyers.
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Making sure that all cosmetic defects are repaired before showing your house can help you save time by not losing a buyer over a small repair that could have been easily fixed prior to the showing. This is especially important when in a buyer’s market. When buyer competition is low, buyers are able to be pickier about their new home and can be easily turned off by simple repairs. The better the condition of your house in relation to your asking price, the faster it will sell.
Once your house is priced attractively and all minor cosmetic repairs have been fixed, it is time to talk about exposure. You could have the most beautiful home with a reasonable asking price, but if no one knows about it, neither price nor condition will matter!
Your real estate agent can expose your home through open houses; broker open houses, advertising in the newspaper, and by listing it on the multiple listing service. All of these things are part of the service of having your own personal professional real estate agent.