PRICE, PRICE, PRICE, PRICE
August 19th, 2009 categories: Market Trends, Selling
In today’s market it is really all about price–a recent Wall Street Journal article makes some excellent suggestions to help you and your agent price your home. I suggest that you read the entire article. If you feel you just don’t have time, I will share with you the points that I feel are most important.
- Ignore all the hullabaloo about the market “turning.”
- Concentrate on past sales and current for sale homes in an area about mile around your home. In metropolitan Chicago I usually search in an eight block range around the listing. In other words, from Ashland Avenue (1600 west) to Western Avenue (2400 west) and from North Avenue (1600 north to Fullerton (2400) north.
- Ask your agent for the difference between the sale price and the list price in your area. This can vary quite a bit depending on how expensive the home is.
- Take a good look at your competition–what will you be competing against? In some areas banks have been waiting for a better market to release foreclosed homes and when they do start to release them, prices could take another dip.
- Think about an appraisal–even though it may cost you several hundred dollars–if it supports a more palatable price it can help you. And–appraisals can be used in negotiating a sale price.
- Remember–setting a sale price is not a precise science it can be tweaked after your home is listed.
Those are the bones of the article–it is still worth reading the entire piece. I would make one other suggestion that is not in the article–tell your agent that you would like to have a weekly update on the market in your area--what has come on the market, what has closed, what has gone under contract. This will help you and your agent monitor your price
Would you like the opinion of a 20 year real estate professional on the price your home would bring? If so, call me. My direct line is 312-607-1306 and my cell phone is 312-607-1306. E-mail reaches me too.
Here are some other posts you might find helpful:
Avoidable First Time Buyer Woes
This entry was posted on Wednesday, August 19th, 2009 at 11:56 am and is filed under Market Trends, Selling. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
