|Am I Priced To Sell?
Attracting buyers is the name of the game. As a seller, you have two goals:
- To get the most money possible.
- To sell as quickly as you can.
Be realistic. Price is the number one factor that most home buyers use in determining which homes to view. Although the price is set by you, the seller, the value of the home is determined by the buyer. Don't allow your enthusiasm to warp your judgment and lead to overpricing - a mistake you can't afford to make.
Here are some factors to help you sell your home. This information is not all-inclusive and does not replace the expertise provided by a Northwest Realty Group agent. For your specific Hood River real estate contact us for a free listing presentaion.
What Affects Your Asking Price?
- Urgency. How quickly must you sell?
- Competition. Are there just a few or many homes available in your price category and area?
- Available Financing. Does your home come with an assumable loan that is below today's rate? What are the current home loan interest rates? What financing alternatives are available for your home and area?
- Competitive Market Analysis. Do you know what similar homes in the area sold for within the last 6 months?
- Expenses. What are your selling costs?
What Doesn't Affect Your Asking Price?
- Original Costs. Your price is determined by today's Columbia River real estate market.
- Investments in Improvements. Are there just a few homes available in your price category and area?
- The Cost to Build Your Home Today. A replacement value is determined for insurance purposes only.
- Personal Attachment. Prudent buyers purchase based on their emotions, not yours.
- Neighbor's Claim. Don't listen to what your neighbors tell you is the fair market value for you home. Other homes in your neighborhood may not be as similar as you think. Also the terms accepted by both the buyer and seller greatly affect the sale price.
What Happens to an Overpriced House?
- You'll Help Sell the Competition. The "correctly priced" homes look even better if yours is overpriced. Most buyers are comparison shoppers.
- Your Home Will Stay on the Market a Long Time. Did you know that 80% of your potential buyers will see your house in the first four to six weeks? If you don't sell them then, it takes approximately three months to replace them with an equal number of newcomers.
MARKET TIME VS. SELLING PRICE
0 - 4 Weeks 98.1%
4 - 12 Weeks 96.4%
13 - 24 Weeks 94.4%
24 - More Weeks 91.1%
The longer your home is on the market, the less it will sell for.
- You'll Lose Market Interest and Qualified Buyers. Serious buyers use the value, quality and price of similar Columbia Gorge properties as deciding factors.
- A Negative Impression is Created. People will wonder why your house is still on the market - they'll believe something is wrong with your home.
- You (The Seller) Would Lose Money. You may have to make extra mortgage payments as well as incur taxes, insurance and unplanned maintenance costs.
- You (The Seller) May Have to Accept Less Money. Studies show that the longer a house is on the market, the greater the discount off the list price. Often a seller will accept less than fair market value in order to sell because of an approaching deadline.
- There is the Potential for Appraisal Problems. The appraiser from your buyer's lending institution must agree that the home is worth the asking price. If the appraiser believes the price is inflated, the loan may not be approved.
Look To a Northwest Realty Group When You Need Answers Fast...
As you can see, there are a multitude of factors that determine the asking price of your Columbia Gorge home. Finding this price yourself can be a long and difficult task. That is why thousands of satisfied homeowners, like yourself, turn to Northwest Realty Group. Our agents have the tools necessary to compute the fair market value of your house quickly and accurately while allowing for personal considerations (such as the date by which you must sell). Your REALTOR can also confidently answer your questions about listing, pricing and showing.
Our goals are the same as yours:
- To get you the most money possible.
- To sell your home as quickly as you can.
- To make selling your home a pleasant and profitable experience for you.
Contact us today for more information on determining the right sales price for your home. We handle all properties in the Hood River, White Salmon WA and Columbia Gorge real estate area.