That’s why our expertise and knowledge of your local marketplace is so helpful. We will gather statistics that quantify the prices of comparable homes in your neighborhood:
Philosophically speaking, put yourself in a potential buyer’s shoes when considering pricing. Buyers’ main considerations will be location, age of property, its condition and style and of course, price. Thinking objectively about these matters will help you and me determine a price based on fair market value -- what your house is worth in the current market, not the amount you or your buyers would like it to be.
Other key aspects to consider include the following:
How soon do I want to sell my property?
Statistics show the narrower the gap between the asking price and my estimate of value, the sooner an offer will come in.
How does my home compare to others in the area?
As a real estate professional, we have access to details about current listed and sold properties through the Multiple Listing Service. You will be able to see how much competition there is and what effect market conditions have had in your area. You can then determine your price by analyzing homes comparable to yours in age, size, condition and location.
What are buyers willing to offer?
Buyers are interested in your home’s comparable worth, not what you might need to get out of the property. The buyer’s perception of the value of your home will not be altered by the cost of your next home, your need to pay off an existing mortgage, or your hope for a dollar-for-dollar return on home improvements. Remember that sellers and Realtors© are not appraisers...buyers are. In the end, it is the buyer's evaluation that matters. Buyers make their assessments by comparing your property with others that offer similar features and are in a similar condition to yours.
Is there any harm in overpricing property, then dropping the price if it doesn’t sell?
Yes. To effectively price your home, you must establish a solid correlation between the asking price and the fair market value. A realistic asking price will result in a fast, lucrative sale. If your price is out of sync with the market, you’re likely to turn off a large group of potential buyers. Contrary to popular belief, a buyer usually makes an offer on a fairly priced property before making a lower offer on a listing that is seen as overpriced. Also, overpricing your home often helps sell your neighbor's home faster than yours.
But my house is worth so much more...
Emotion and pride should have no place in the pricing process. Sellers speak of value, amount invested and what they can afford "to take." Buyers consider only price, condition and other properties offered.
Should I leave room for negotiating?
Experience has shown that the closer your listing price is to the supporting comparable sales data, the greater your chances for a quick sale at or near your asking price. As a result, we recommend pricing as close to that figure as possible. If you list your home at an unreasonably high price and receive a full-priced offer, the price will be tested during the appraisal and lending process. As a result, it’s important to price your property at something statistics and the experience of the local brokers can justify. In fact, agents will miss showing your property to potentially qualified buyers simply because, at face value, your property is out of their clients' price range.
For more information on how to price your home or a free, honest, o obligation home evaluation, please contact The Clarke Team at 650-489-5399 or sold@clarketeam.com
If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and “shows” better than the competition, it will have a better chance of being sold quickly.
The secret is perfecting a technique that’s as American as apple pie: comparative shopping.
Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it’s one of the best methods to use when determining a home’s market value.
A responsible real estate agent will effectively evaluate a home’s worth through a process known as Comparative Market Analysis (CMA). Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. Typically, it is a realistic price range that will ensure you top dollar and a reasonably quick sale.
However, factors such as the amount of time needed to sell your home can affect the agent's price recommendation dramatically.
We can determine the typical duration that listings are on the market and can explain that the marketing “norms” vary with prices and properties. Based on this criteria, we will be able to sell your house for a price that both you and the buyer will be happy with. However, if you’re under time constraints because of unexpected job changes or moving agreements you’ve made on another property, this will narrow your chances of selling the home for top dollar in the market.
Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.
The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer, and other factors, such as the economy, could cloud your view of how much your home is really worth.
Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to share with you.
A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you’ve picked is a good gauge of the home’s worth and won’t discourage qualified buyers.
Being open and honest about what you see as the home’s greatest strengths and biggest weaknesses will also help your agent get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you’re well on your way to a speedy and fruitful sale.
For a free, no obligation, honest home evaluation of your San Carlos home, please contact
The Clarke Team at 650-489-5399 or sold@clarketeam.com
Coldwell Banker Residential Brokerage, a leading provider of real estate services in Northern California, announced that The Clarke Team, sales associates in the company’s Coldwell Banker San Carlos office, have earned membership in the company’s International Diamond Society for 2010 sales.
The Clarke Team would like to take this opportunity to thank our clients and referrals who helped us achieve this prestigious award. We value their trust and business in the past year and look forward to providing our the same high level of service moving forward.
The Clarke Team is located at Coldwell Banker, 580 El Camino Real, San Carlos, CA 94070
www.ClarkeTeam.com
650-498-5399
sold@clarketeam.com
Spring has sprung - the buyers are out in swarms and more homes are starting to come on the market. Interest rates are at record lows and this will not last. Savvy buyers are out looking to secure a 30 year fixed at 5.5%. For the first time in many years, we are starting to see multiple offers again for San Carlos homes that are priced right. If you are considering selling, now could be a very good time.
Want more information or a free home evaluation and risk analysis worksheet? Call or email us!
The Clarke Team
650-489-5399
sold@clarketeam.com
Soon you discover that moving your family to another city may be one of life’s hardest tasks. The thought of leaving behind old friends and schools for a strange town can be frightening. The biggest challenge of all, however, is to preserve the equity in your housing investment so you will be able to purchase a similar home in the new location.
Not to worry. Even in these uncertain times homeowners can sell at very satisfactory prices in a reasonable period of time. The secret? Pay attention to details, utilize marketing savvy and price the home to sell quickly.
The following tips can help you get that “sold” sign up fast.
OFFER THE RIGHT PRICE. Start with a price that is reasonable for your neighborhood and the size of your home. Comparing the price of your home with similar nearby listings is an easy way to be sure you are offering the right price. Comparing the opinions of two independent appraisers will also help you avoid over-pricing.
PAY PART OF THE CLOSING COSTS…usually 3 to 5 percent of the loan amount. This will attract those first-time buyers who are short on cash for down-payment and closing costs. Offering to turn over personal property such as washing machines and dryers, refrigerators and flower boxes can also attract buyers looking for the best deal.
ACCEPT CONTINGENCY AGREEMENTS. Make your sale contingent upon the sale of the buyer’s home. This takes away buyers’ fears of juggling two properties and mortgages at the same time.
TAKE ADVANTAGE OF THE CORPORATE RELOCATION TRADE. Be sure that your broker is connected to a relocation network, (we are) – one capable of bringing in buyers from distant places. And, of course, try to get your employer to provide you with relocation assistance, too.
MAKE YOUR HOME STAND OUT. Fresh paint and flowers can go a long way in impressing buyers. Tend to such details as moving the lawn, fixing stubborn doorknobs and sliding doors, and straightening up the basement. Remember, your home’s appearance on the day it’s shown can make or break a sale.
The bottom line is that sellers should take the time to make their home as attractive as possible. Compiling helpful tips for the buyer about school districts, utility bills and directions to the nearest shopping mall can go a long way in selling your house quickly.
With a little work and an active real estate agent, chances are good that your house will sell fast in today’s buyer’s market.
Relocating to or from San Carlos? The Clarke Team can help! Please contact us at
at 650-489-5399 or sold@clarketeam.com
For more information please contact The Clarke Team at 650-489-5399 or sold@clarketeam.com
