In real estate, knowledge is power. It is important to have an agent on your side who can share current market data and trends to help you make an informed decision about your home's market value and ideal asking price. 

Factors That Impact Your Home's Value:

• Market Conditions - the current supply (or inventory) of homes for sale, buyer demand, interest rates and availability of financing, prices of recently sold properties, economical factors and seasonal demand

• Your Home's Condition - location, age, size of the home and lot, floor plan, and architectural style

• The Competition - The number of similar properties for sale and their prices, condition, location, and financing terms.

Factors That Do Not Impact Your Home's Value

• Original Price - what you paid for your house

• Needed Proceeds - the net cash proceeds you want or need

• Opinions - what friends and neighbors say our home is worth

PRICING RIGHT

While you will set the asking price, the buyers will ultimately set the sale price. If you price your home too high, you'll miss out on potential buyers. Pricing your property at fair market value, from the start, will generate the most activity from real estate agents and home buyers. The price must attract enough attention to result in showings and offers. 

FIRST IMPRESSION

The largest number of potential buyers will view a newly listed home within the first 14 days on the market, and the number will decrease as the days on the market increase. This pool of buyers includes home buyers just entering the market and more importantly, buyers working with realtors who have already seen the existing inventory and have not found a home, making them eager to make an offer.

To take advantage of this increased level of traffic and buyer interest, your property should be priced to sell at fair market value from the very start.

PRICING WITHIN THE MARKET

When you decide to sell your property, it is critical to understand what buyers are looking for. In addition to the price of your property, location tops the list of features buyers are attracted to. Unfortunately, you cannot change the location of your property. The third most popular feature is the condition of the property. This is one important aspect of your property that you can alter to make it more appealing to buyers. 

Pricing Misconceptions

It is very important to price your property at a competitive market value.

Buyers and Seller Determine Value

The value of your property is determined by what a buyer is willing to pay and a seller is willing to accept in today's market. Buyers make their pricing decision based on comparing your property to other properties SOLD in your area. Historically, your first offer is usually your best.