Why Do
Some Homes Sell Quicker Than Others?
They are priced right. Pricing is usually the number one
determinant as to how long a home will be on the
market. Obviously, the
property has to be priced competitively, but do not set the price
based upon what you heard a neighbor received for their home.
Adjacent homes can be radically different. They both may have the
same floor plans, but improvements, a more desirable location in
the neighborhood and other seemingly small variations can make a
significant difference when it comes to price. Also, how a home is
staged for the market carries a great deal of weight in the
ultimate price received.
In considering the right price, one of
the most important traits you need is objectivity. Homeowners, naturally, have an
emotional attachment to their home, and because of their feelings
they oftentimes overestimate what their home is worth. Despite the attachment, try to be
practical and logical. Make a competitive study of recent sales
that are comparable to your home. Evaluate price per square foot,
age, condition and location. Also functional obsolescence and
major updating could have a great impact upon pricing.
Remember, that the value of your home can be
impacted by developments that are not yet in place. Is there vacant land nearby? If
so, what businesses or structures will be erected there in the
future? Is it a desirable addition to the neighborhood? If there is
vacant land, visit the local planning and zoning commission to see
what might be built. You can always call a local real estate
professional who knows your neighborhood to explain the elements
that go into pricing and why. Ask that person about a CMA
(comparative market analysis) and what it means.
Source: Mitchener/Skye |
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