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The Importance of Pricing Your Home Properly

Probably the single most important factor in determining how successful you will be in selling your home in a timely manner is simply pricing it right from the start. Houses new to the market get the most potential buyers looking at them. In order to capitalize on this heavy initial traffic, you want to be sure to have the house priced correctly right off the bat. Many sellers make the mistake of starting high, assuming they can always drop the price later. Now they have wasted those crucial first weeks that the house is on the market because many of those buyers will not even call if they feel it is overpriced. Keep in mind that the majority of serious buyers have done their homework and know what your house is worth.

To price your home correctly you need to be savvy about your local real estate market. Understanding the market will help you set an asking price that will compete favorably against other comparable homes.

There are several good resources available to help you price your home right from the start. You can begin with some free internet sites like Zillow.com and realestateabc.com These sites are a valuable tool in accurately determining the value of your home because they show you a list of comps (comparable properties), recent sales and what the homes actually sold for. An interesting and unique feature of these websites is that the sites allow you to alter the information posted on your home that would affect the appraised value of it. For example, if you have finished your basement, adding square footage and perhaps extra bedrooms and bathrooms, the site would not initially show that. You can plug that information in and it will adjust the appraised value of the house based on the improvements that you have made. These sites can be a really good starting point in pricing your home.

Checking out any available properties in your local newspaper, real estate magazines & local Pennysaver type publications is another good resource you can access when determining the price of your home. You can further your research by going to your local town hall, and finding out the selling prices of comparable homes in your area.

Another good idea is to attend Open Houses in your area and see what is on the market and how they are being priced. There are plenty of homeselling websites that you can access to see what's going on in your local market. And remember, just because someone is asking a certain amount for a house doesn't mean they have priced it correctly. It is very common for people to become extremely attached to their property and assess market value based on that emotional attachment. Although knowing what other sellers are asking for their home in your area can be valuable information, make sure you focus on the SOLD properties. Those are the ones that are a clear indication of what the market is currently bearing.

If you still aren't sure about how to finalize a price, a full service walk thru appraisal is always a good investment. This report is accurate and will show you exactly how to price the home for your individual market. It's also a great selling tool to justifiy your price to potential buyers. What better way to negotiate a price for your home than with than a recent, comprehensive, accurate appraisal of your home by a professional real estate appraiser?


Now that you're prepared and confident about your asking price, take a deep breath, good luck and let the negotiations begin!