What is the right price? The price has to be sold several times
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The right for a house is hard to come by these days. The price has to be sold a few different times:
-To the homesller. The home seller has to determine what they think they can realistically get from their property within a timely manner. The seller has to feel they are getting enough money for them to move on to intise them to even put their home on the market. If they don't feel they can, they will either postpone their move or try to rent out their home.
-The listing agent: When I list a house, I want to make sure the house can sell, not only so I can help my clients move on with their life. A home will not sell if the house if the home is marketed at a value above market value. I invest considerable time and money making my listings, and if the price the homeowner wants to set the price to high, I have to make a decision whether it is worth it for me to even take the listing. I have turned away listing opportunities when the seller just wants or needs considerbly more than what the market will dictate.
-Buyer's Agents: When the house hits the market, buyer's agents will see the house the mls. They will look at the pictures and information, and they will form their own opinion quickly if the house is priced right or not. If it is priced right, they will contact their clients to inform them on the new listing. Also, if the buyer's are interested, they will search for comparable sales to see if the home is priced right.
-Buyer's: They are owns that determine how much the house is worth. They look at comparable sales and maybe adjust for things, if there are no similiar sales. If they feel the house is too high, they might not even look at the house or after looking at the house, keep an eye on it to see if the price would come down. They often deduct any repairs or upgrades they feel the house needs from the asking price if they make an offer. If you don't offer enough money, the sellers might not even counter office.
-Appraiser: If we come to any agreement on the purchase price, terms and conditions, the house passes building, then the appraiser is sent out to determine what the house is worth for bank, for buyers requiring a mortgage. Sometimes cash buyers put a contigency of having the house appraise as part of their offer. The appraiser measures the home, takes pictures, observes any updates and special features and notes any obvious safety issues. They go down to town hall to see what is in the file. They then pull their own sales, note any market conditions or any issues that could have an effect on the market value of the subject property and make adjustments. They then take all of this information and come with a dollar value. If the price is lower than the sales price that is agreed upon, often times buyers will try to renegoiate the price down to the apprasied value.
Think long and hard about pricing your home. If you go to high, you will miss the market. I have never seen sellers price their home too low for the market, unless their home needs substainally renovation and the sellers are extermly motivated.
| Jonathan Hall, Realtor Serving Greater Danbury
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& Candlewood LakeThis information is provided by Jonathan Hall,Realtor with William Pitt Sotheby's International Realty in the Greater Danbury & Candlewood Region of CT. For additional information, please call him at 203-417-0523,203-796-7700X305 or email me at Jonathan.Hall@SothebysRealty.Com . Unless indicated, all content is the property of Jonathan Hall. If you would like to use any of this information, please contact me for permission. He is a licensed CT Salesperson License #RES.0783448 with William Pitt Real Estate LLC License # REB.0751698
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