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By Emilio DiSpirito, Top Selling
It’s simple, homeowners want the highest sales price
when selling their home. Not so much to ask right? Right! So, why do so many
fall short of netting much less than they should when selling their home,
investment or land?! That is also simple; inadequate or poor
preparation and looking in the wrong areas when pricing their home! Here
are a short list of do’s and don’ts in order to price your home correctly, to
allow for a feeding frenzy of buyers and offers at or above list
When Pricing Your Home, Don’t Do This!
1.) Reference overpriced active homes for sale.
2.) Go outside of 1-mile radius. Bank appraisers will not
usually use homes more than a mile away unless in an extremely rural
3.) Go over 6 months out. Appraisers will usually not look
at homes sold more than 6 months back.
4.) Depend on automated values from national websites. These
are often off between 7% to 14%. In some cases, even more extreme.
5.) Throw out a price you want! You may be leaving some
serious cash on the table or maybe pricing your home way out of the ballpark,
leaving your home overpriced and your listing catching dust!
6.) The Realtor with the “best price”. Realtors do
not set the price! The market does! Always go with the Realtor who is an expert
in your specific market and who shows you actual data.
7.) Your neighbor, a contractor, friend, family member or
anyone else who is not a full time, licensed local Real Estate Agent or
Residential Real Estate Appraiser.
8.) Overprice your home to “leave room for
negotiations”. This almost never works and leaves buyers pricing your home
Schedule Your FREE Seller Consultation with a Top Rhode
Island Realtor in Your Market Here!
When Pricing Your Home, Do This!
1.) Find a Realtor who is in the top 5% for sales in your
market. This agent should know the market very well.
2.) Take the emotions out of setting your homes price and
know that when you price a home to fair market value (data-driven result),
you are setting yourself up for heavy online activity which translates to buyer
foot traffic and a potential bid war on your home.
3.) Make sure that pending and sold comparables are used.
Active homes are yet to be demanded by buyers and are not an accurate
representation of what your home is worth. A bank appraiser will only use
pending with a heavier emphasis on sold properties.
4.) Do a pre-list home inspection report to determine
the amount of work your home needs. Do what you can to ensure that buyers can
finance your home with all of the available programs and work with your real
estate agent to eliminate the costly red flag items when you can. If you cannot
afford to do the work, ask your agent if they have a company that can do the
work first and get paid at closing from proceeds. If that is not an option,
disclose all of the defects and price your home accordingly by reducing
the cost from the “market price”.
For additional tips or to schedule a call with Emilio
DiSpirito, text 401-359-2338 or email email@example.com now! Also,
go to: www.DiSpiritoTeam.com