...News from Your REALTOR®

Price with Precision

Your neighbor´s home may have sold above list price in a few short weeks in late 2007, but that doesn´t mean yours will. That´s because California has entered  a buyer´s market. Buyers  have more properties to choose from and prices seen to be in decline. 
Before placing your home on the market, you need to do a few things to be sure that your home doesn't languish out there for months or be totally rejected by the market.

Step Back: Buyers don´t care how much you paid for the home or how long your family has lived in it. Your home´s value is determined by how much a capable buyer is willing to pay for it. Your emotional attachment to the home should not factor into the process of setting a price.

Team Up With Your REALTOR®: Your REALTOR® is your best asset to ensuring an accurate and reasonable price for your market. Your REALTOR® can provide an impartial assessment and reconcile the gulf between price and value. Home sellers should interview several REALTORS® and inquire about their price opinion and tactics for selling the home, before choosing a REALTOR®.

Research: Your REALTOR® can obtain competitive market analyses (CMAs) of similar properties that have recently sold in your neighborhood, as well has homes that failed to sell and their listing prices. Your agent can provide counsel and advice on the data contained in the CMAs. In addition, your REALTOR® may recommend that you hire an appraiser.

Accent the Assets: Does your home sit on a corner lot? Is it in a good school district? Does it have new copper plumbing, a new roof, drought-resistant landscaping, or other improvements? These factors will boost your listing price. Remember, buyers are choosier-and they can afford to be in this market.

Spruce Up : Your REALTOR® can help you evaluate your house objectively for any enhancements that will improve a potential buyer´s first impression or remodeling that can help assure a solid listing. In consultation with your REALTOR®, you can decide whether a professional home stager is needed to help improve your home´s appearance for open houses.

CMA

A competitive market analysis is a detailed report that compares your home to similar properties, with regard to location, design, and enhancements.

Appraisal

Your REALTOR® may recommend that you hire an appraiser. Typical costs are $250 to $500, according to the Appraisal Institute®.
 

Value versus price

Your home´s value is determined by how much a capable buyer is willing to pay.

Martin H. Bosworth is a writer/editor for Housing.com and ConsumerAffairs.com