Step 2:  Setting a Price

Another important thing to do is setting the right price for your home.  Despite what some new national web sites are trying to make the public think, pricing a home to sell is an art, not a science.  These sites tell you that you can instantly find out your home's value.  The newest one has been known to be $10,000 to $30,000 above or below the actual home value....and some times worse.  In some areas, it has no information at all.  Why would anyone want to depend on these sites for pricing their most expensive possession, their home?

There are other sites that will tell you to compare your home to other homes on the market and then keep checking on them to see if the price changes.  Hey, those are homes that haven't sold!  How can they tell you the price your home should sell for?  If you follow their example, you may just price your home so it won't sell!

There is even one site that encourages you, a FSBO (For Sale By Owner) to take advantage of real estate professionals and have them come out and give you a free Market Analysis.  Would you want someone to use your professional experience and not pay you?  That's what this site is encouraging.  Plus, if you just pick up the phone and call someone, you don't have a clue about how much experience they've had in pricing homes to sell!

OK, so how can you determine the right price to put on your home?  I would suggest hiring a local appraiser to give you the current market value.  They will check the recent sales to find 3 homes similar to yours that have sold in the last 6 months.  Then they will compare your home to those homes.  It will take a fair amount of time to do it right.  There are also real estate professional who know how to use the same techniques that appraisers use.  But not all real estate professionals understand how to accurately value a home.  Those who do know how, will only do a Market Analysis on homes that they have at least a chance of listing.  You also need to make sure that the appraiser uses the newest appraisal form (form 1004 MC) that is required when a loan is involved on the home.  Linda uses this form with her market analysis so she can help avoid problems once a home is under contract.

 

Here's a link to another article from Linda's main web site on pricing.

 
Go on to Step 3 of Selling a Home

 

 

 

Linda Grissette
Keller Williams Realty West
Office: 636-229-8722
Linda@Grissette.com
Linda is a licensed Broker-Associate in the State of Missouri.

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