With the flurry of real estate sales, many sellers are feeling brash when it comes to pricing their property. The disparity in home values from street to street can be significant. There’s not a scientific explanation why a buyer would pay thousands more for the identical home around the corner, every buyer has their own interpretation of value. The three major attributes location, condition and price have always been the factors that determine how successful a homeowner will be marketing their home. There’s not much a seller can do about location and in some cases condition is restricted, due to the sellers financial standing, but the price will influence whether a property actually sells or not. At the right price, there’s a buyer for every home.
An owner can hire an appraiser or have a local real estate professional give them a comprehensive market analysis to supply an estimate of value in hopes of pinpointing the right price. Sellers are taking a huge risk in not following the time-tested doctrine of properly pricing their property. it’s been proven over time that owners that price their home correctly upfront will garner more value than owners that stray from reality. A home is only worth what a buyer is willing to pay. Homeowners have to take into account the glut of foreclosures and short sales, because the buyers loan appraiser certainly will.
One action sellers can take that has become very popular is the auction or a date to review all bids. This maneuver can only work with distinct homes that have special qualities, like a great location. The other important considerations using this approach would be a competitive asking price and the market is currently depleted of anything similar to the home being auctioned. It’s difficult expecting bids on a home when there are four other comparable properties on the market. I recently used this technique on a home in Davis and received three bids at higher than asking price. The owner was obviously satisfied. No matter the direction a seller takes, price will always be the deciding factor in whether any home sells or sits. Buyers will continue buying fairly priced homes and rejecting those properties that have inflated prices. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs, join my professional networks on Twitter and LinkedIn and easy access to view local area homes for sale in Davis, California and the surrounding communities.