It save time and time is money
It’s big when one makes the decision to sell their home. Often times we decide to sell because we might be downsizing, job re-location, retirement, divorce or many other personal reasons influences that decision.
But once the decision is made, it’s most important to know the real market value of your home and placing it on the market at a price that will cause it to sell within a reasonable time frame.
Most sellers have a pre-conceived idea of what his home worth; which is totally the opposite of the REAL MARKET VALUE.
Remembering of course, that assuming the value of his home based on what the neighbor sold his home for, what a friend sold his property for or what the bank evaluated your property for prior to re-financing is not accurate.
The majority of us have undoubted faith in the banking institutions. But banks can over-evaluate your property to loan you more money than you really need. It’s a Catch-22, because if you default in payment on that refinanced loan, the bank will cease your property even if the value of your home far exceeds the loan amount.
The real market value of your home is what the market determines the value of your home is, at the time of the selling transaction. The market value of your home is not what the neighbors sold his home for six to eight months ago.
The market value is determined by what the buyers are willing to pay for that property at the time of the sale. Like it or not, buyers determine the market value of your property. An indication of what the Real Market Value of your property is is by closely monitoring the offers that are being presented before you during the time of the sale. If offers are coming in no where close to what you expected, it’s an indication that your fictitious price is fantasy land price which means that you need to make an adjustment in your listing price if you really want to sell.
Let the truth be told, we are in a BUYERS MARKET, there a lots of properties to choose from, which means buyers have an array of choices. If your property has been on the market for one month and there are visits and no offers that means your selling price is too high. If your property is on the market no visits and no offers, you have out priced the market.
Listing your property way above the Real Market Value, means that you have out priced the market and no way you will get an offer close to your asking. “I’ve heard clients say they’re not selling unless they get the listing price. That is insane and ludicrous it is wasting your Real Estate Broker’s time and a lack of respect to our profession.
If you do get an offer on that property that is priced too high, work with it, don’t close the door; your Real Estate Broker is equipped to negotiate on your behalf to bring that offer to a reasonable market price. You will not allow a shoemaker to perform an open-heart surgery on you, so let your Real Estate Broker do the Brokerage job.
I have heard clients saying that “the city’s evaluation is usually lower than the asking price, so we need to price our property above the city’s evaluation” that is so far from the truth. The city evaluated your property higher in an effort to syphon more taxes from us to compensate for their over-spending. Therefore listing your property close to the Real Market Value, will help it to sell a lot faster than your competition.
In the months ahead, the market will be saturated with new properties, that means that the competition will be fierce in the Real Estate Industry, if you’re in the selling market be sure to price your home at a price that will cause it to sell, it will mean lots of dollars saved in the long run. TIME IS MONEY.
Thinking of selling? I AM YOUR REALTOR AT (514) 947-8240.