AZValleyWide Home Talk: Video Three of a Five part series on Selling Your Home.
Hi Folks! Michelle Noel with AZ Valleywide's Home Talk Series! Your local Realtor for Homes for sale in Goodyear to Gilbert or anywhere in the Phoenix Metro Area.
Today's Home Talk Series is a continuation on our Topic of Selling your home! In this segment I'm going to address the question:
Will My Home Sell? And for how much?
Will My Home Sell? And for how much? Some of the components to these 2 questions really center around strategically pricing your home!
Check out the Market Video in it I mentioned that there are expired homes on the market! Even in this hot market!
There are in essence 3 different ways to price your home:
1) Over price it. Price it as though it’s a Million Dollar home, because we know we don’t want to lose out on such a hot market. So you might be saying that you want the buyers to pay over the market value.
a. A negative in this is you miss buyers who are searching in your area for homes that are selling for a certain price point. So you miss them entirely
b. Another negative is those buyers and/or agents who do see the home on their search are going to be comparing your home to other houses in the market and wonder why is it so high. This will deter them from even wanting to view it.
c. And another negative is that it sits on the market longer than the norm and then when you do finally reduce the price to what is more reasonable; the market then wonders what was wrong with it.
d. The positives in this. Maybe you set a new high price point in your area but this is unlikely.
2) Auction. Another approach is what I call the auction; price it super low and watch the buyers create a frenzy.
a. The negative in this is what if no one is looking at your home when it launches? You will have missed an opportunity.
b. I have seen homes that flew off the market on day one and the price per sq ft was lower than the entire subdivisions standard. No wonder it sold in only one day. And one buyer could have been the only one making an offer.
c. This just seems to risky and it’s easier to go down on price than it is to go up after you’ve introduced it to the market.
3) Fair market value. Another approach is identifying the fair market value of your home.
a. This takes a bit more research but is well worth it in the end.
b. This research consists of identifying like homes that are similar in square footage, amenities, bedrooms and baths, 2 vs 3 car garage etc..
It’s important to note that even a 2 story in comparison to a 1 story is calculated differently in the eyes of an appraiser. Also, so is the location within the community.
Other things to take into consideration is the condition of the home, curb appeal – is there a ton of deferred maintenance compared to the home that there is no nicks nor dust anywhere? These elements make and/or break a home being desired enough for someone to make an offer.
So you might be asking how to get info on similar properties. Lots of folks like to look online and see what is going on in their neighborhood. 3rd party sites like to relay “whats your home worth” estimates but in actuality they do not take into consideration the unique features of your home nor do they take into consideration all relevant data.
I know this to be a fact that data that is being used to calculate on these 3rd party websites are on homes that may have sold several years ago or worse yet are using data from an overpriced property that isn’t even selling. This can make for a 10-15% or more variance on what is pulling in for your home, swaying in either direction.
You want an experienced professional taking into consideration all the elements that are pertinent to your home and location in determining the value of your property. My recommendation is that you are connect with a Real Estate Professional who understands the market and has a proven track record of selling homes in the Phoenix Market.
I have a unique background with my lending experience as well as a being a resident for many years and as a realtor here in the Phoenix market selling homes in Buckeye, Avondale, Goodyear, Gilbert, Chandler, and Scottsdale -basically the entire Phoenix Metropolitan area. My team and I would love to be of assistance in helping you with your selling and buying needs.
I hope you enjoyed this segment of the AZ Valleywide's Home Talk Series in Selling My Home.
Join me in the next video discussing what should I do to get my home ready to put on the market.
If you want to connect with me or if you want to sign up for informative market updates - connect with me on my website. www.AZValleywide.com.
Again, thank you so much for joining me on this segment of AZ Valleywide’s Home Talk Series. This is Michelle Noel from AZ Valleywide’s Home Talk! I hope you have an awesome day!