When you are deciding on an asking price? Do your home work, take your personal thoughts Out of the house out and go strictly by facts. Your home is only worth what a buyer is willing to pay. If after you do a complete valuation of your home and you are not comfortable with the selling prices. Then do not sell your house and wait till the market improves. To many people Market there home at to high of a price and they end up selling if for much lower then they could of by pricing it right from the start. The first words out of the buyers mouth to the Realtor will be how long has it been on the market? After that comes the famous low ball offer. So price it right from the start. If you do not get an offer in the first 45 days it probably is too high! Go back and review sold and pending sales data, review your marketing, possibly reduce your price.
When doing a market price review of your home, I would suggest you do it a few different ways. (1) First do it by selling price, of very comparable homes in your Neighborhood, (2) Work with your Realtor on comparable homes that have gone "Pending" in the last 3 weeks every location in your area. This will give you a sense of what price point "Current Home Buyers" are writing contracts. (3) Do a comparable "sold" and "pending" of homes by price per sq. ft. Then relate that to your house? Your home must be priced by selling price, location and sq. ft. of living area. It becomes a little different if your location is on water, then you have to add in the land value, and access in other words Location, location, location! If you do what I have listed, and take in consideration of location and do not get carried way by location, include the latest improvements/upgrades you have made with in the last two years. Then find an average with all approaches, throw out the high and low and price it in this group of homes, base the latest improvements/upgrades you have made with in the last two years, place your home in bottom 3rd , the middle or upper 3rd of this group.
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