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The Best Way to Price Your Home for Sale - For Sale by Owner

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The Best Way to Price Your Home for Sale - For Sale by Owner

Pricing your home to sell for sale by owner Syracuse NY

 

While selling your home by owner can be a daunting task, there are only three things that affect the sale of a home; Price, Condition and Marketing. At List It Real Estate we know we have the best for sale by owner marketing in Central New York that competes with most traditional real estate companies. With thanks to television channels like HGTV and the internet, home staging and condition advice for home sellers can be found in abundance. That really leaves only one daunting task of figuring out – how much am I going to sell my house for? This article will shed some light as to how to go about doing that.

Pricing a home for sale is one of the hardest and perhaps most important tasks a seller will perform. This is difficult even for real estate professionals. If the home is priced too high you will not attract the right buyers and waste precious days on the market, which could result in a sale that is below market value. Price the home too low, and you could walk away from the closing table giving away thousands of dollars in the home's equity. When it comes to pricing your home for sale there are a number of important statistics that need to be considered, like active listings (current houses for sale in your neighborhood), recent sales (depending on your neighborhood, you want to go back about 6 months sometimes more depending on where you live), current pending properties (properties that are under contract but have not closed yet), expired listings (this helps give you an idea of what is and is not selling), and current sales trends (is it a buyers’, sellers’ or neutral market). Unfortunately for most sellers, this type of information is gathered in the local real estate agents multiple listing service and not made readily available to the general public without sifting through tax records and going through numerous websites. While some sites like Zillow provide guesstimates of a home’s value, all too often they are not very accurate in their algorithms.  Sometimes an owner has spoken to an agent or two who have provided them with a value for their home which either the owner does not agree with or better yet, the two values are tens of thousands of dollars apart, which is a tactic some agents use to get listings.

So what is the best way for a Syracuse NY area for sale by owner to price their home for sale? Hire an experienced real estate appraiser. Real estate appraisers use the same information such as comparable sales, MLS data and tax records to come up with their price, as do real estate agents. Now understanding the difference between the two jobs will help you understand any potential variation in pricing by the two, and just like any other profession, two appraisers could give you two different values as well. Generally speaking, an appraiser’s job is to provide a bank with a value of the home so that a lender can determine a loan to value amount to lend a buyer for your particular property (appraised value). A real estate agents’ price for your home will be a comparative market analysis value based on what the current sales trends for a property similar to yours in your neighborhood (market value). Both use the same data however they have different ways of analyzing the information. Important to note with both professions, depending on how the data was pulled regarding comparative properties for their analysis, there will be some deviation between two agents and between two appraisers. So if you are selling or considering selling your home by owner I would recommend you begin with an appraisal.

Once you have that appraisal, "is that value going to be your set in stone selling price?" NO. In Central New York and all over the country, the MARKET DETERMINES THE SELLING PRICE; Not the owner, buyer, appraiser, agent, or any other individual.  Even with that appraised value for your home, depending on what the current trends in your neighborhood are doing, a property could sell for more or less money. As a home seller, it is your responsibility to pay close attention to the type of activity your home is getting once you have it for sale. For example, if you have your home for sale with a solid marketing plan in place and staged, and you have had a lot of showings with no offers, chances are good that you have priced the property too high and need to make a price reduction and sometimes more than one if you get too far behind the market. If you have priced the property right at the market value you will most likely have quite a few showings on the property with an early offer close to or near your asking price. If by chance the market is improving at a fast pace and you priced your home based on slightly older information and resulted in a price that is below market value, you can be pretty sure that you will have multiple offers for your property in a short time frame. I have yet to meet anyone who does not like a deal, but that is not all bad news for the seller; if that is the situation you may be fortunate enough to receive multiple offers and one or more offers higher than the asking price.

Pricing a home is not an easy task, however with some preparation and a good strategy the task of selling and more important netting the most money from your sale does not have to be a difficult one. Home sellers need to be proactive on their sale, by keeping a close eye on your showing activity and paying attention to the other active listings in your neighborhood, this will help you in your decision making. Besides price and condition, the only other factor that will affect your selling price is the marketing of your home. If you do not have the most exposure including internet and signage at the property it will be difficult for buyers to find your home and get the showings necessary to sell your home at the best price. After doing all this research into pricing and getting your home ready to sell, the last thing you want to do is fall short when it comes to marketing your home. At List It Real Estate, we have the best marketing plan for the Greater Syracuse NY area home sellers. For more information, visit us at www.listitre.com or if you have specific questions regarding this article or pricing your home, give us a call at 1-800-457-1443.



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