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Setting the Sales Price
Before we set the sales price of your house, I'll run a Comparative Market Analysis (CMA) that will show the listing price of similar houses in the area as well as the prices at which the houses actually sold. Additionally, the analysis will give us information about houses currently on the market and about houses that were on the market but never sold. Finally, we routinely consult with local certified appraisers when completing CMA's. We strongly believe that having multiple educated opnions on the value of your home allow us to give you a much more accurate picture on the true value of your home.
Next, I'll ask you about your goals in selling the house. Everyone who sells a house has different goals that need to be factored in when calculating the selling price. I will not put our commission realized from a potential future sale ahead of your goals or needs.
- Is your goal to get the maximum sales price for your house? If so, are you willing to have your house on the market for many many months? Can you afford to make double payments if you have already purchased another home?
- Is your goal to sell your house quickly? If so, are you willing to sacrifice some of your potential profits to sell more quickly? If so, the good news is that their is a very high probability of you obtaining an excellent price on your new home in light of the tremendous number of foreclosures currently on the market.
- Would you like to establish a balance between selling your house quickly and selling at the top end of market value? If so, we need to work as a team to ensure that your home is staged to show far superior to that of the multitude of other homes available in your area. What sets your home apart from the crowd?
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Market conditions will play a role in setting the sales price of your house. I'll factor in how quickly houses are selling in your area, interest rates, the strength of the school system, and finally rather it is worth it to attempt to sell in this painful market or attempt to ride out the storm.
I'll then recommend a price at which to list your house to meet your goals in this very difficult market.
Keep in mind that we are in a very strong buyer market. Homes that are not aggressively priced to sell have little chance of selling. In fact, in many Florida markets, only 1 in 15 homes currently on the M.L.S. is in contract, pending sale or will sell! Those homes that are selling are priced at the bottom of their respective neighborhood. Also, many of the homes that are in contract & or pending sale are those in which the seller is under severe duress ie..pre-foreclosure or due to the death of a family member.
Take careful consideration when preparing to list your home to not only examine past sales prices in your neighborhood but the recent economic trends.
Finally, the lending industry is in the midst of a major global economic crisis. Many banks and various other lending institutions have gone bankrupt, severely restricted or completely eliminated a multitude of loan programs that existed only a year ago. This is an important factor when selling your home as their may be a ready and willing buyer for your home; that cannot obtain the needed financing to consummate the transaction.
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