If you really want to sell your property when you put it on the market there are some things you must know. The most important thing is the actual current market value of the property.Follow these instructions and you can appraise your own property and come up with a figure that’s accurate to within a couple of percentage points.Find and call at least three local realtors and tell them you’re thinking about selling your property. Ask the agents to make a comparative market study of your property. Tell them to include every sale in your market area that compares to your home or property. They’ll call you back later and want to set an appointment to deliver the information and tell you about their company and ask you to list your property with them. Make an appointment and let them make their presentation, then ask them to leave all the information on the property analysis and their company, so you can study it and make a decision.Once you have information from all three realtors, lay it out on a table and create a work sheet. List each of the Sold properties on a separate line, with their selling price per square foot on the far right. Don’t include the active listings that are up for sale, they aren’t relative to your study in determining the value of your property, but hold on to the information, active listings will be important later in determining the price you wish to ask for your property, because active listings will be the properties you are competing with. In other words, you will be competing for the buyers that are available in the current market who will be looking at other listed properties.Now, add up the column on the right and divide the results by the number of properties on your list. Multiply this number by the number of square feet in your home, and the result should be the current value of your property, within a percent or two.The number you arrive at may be lower than you are comfortable with, and in some parts of the country it’s a shocking reality. Even worse, to sell today you will probably need to price your property a little under this figure.People are accustomed to real estate values going up and up and up, year after year. Most of us like to count our profits as that happens, we remember back to how much we paid for the property and in our minds calculate many times all the money we will make if we ever sell. It becomes a source of pride of accomplishment and it is not something we will give up without some resistance. It is much more difficult to admit or even think about losses.If you are going to put your house on the market and want to sell it you must be competitive. More than ever you will have strong competition. Competition from properties that have been foreclosed on for default on loans and taxes. These homes are often priced below the market for quick sales. You are in competition with other property owners who are selling their properties to avoid foreclosure and these are often priced below the market. There isn’t nearly as much demand as there is product. In other words, there are a lot of homes/properties for sale now, making it a “buyers market.”Here are some of the advantages for pricing your property correctly.
A property usually gets the most attention just after it is placed on the market. If it is priced competitively it will get the most attention.
Real Estate sales agents are drawn to properties that are priced competitively and you will have more showings. More showings equals better opportunities to sell.
If a property is priced competitively there is usually less negotiation on the price.
Competitive pricing will attract more qualified buyers
Besides correct pricing there are other things you can do to help sell your property. Creative marketing can help distinguish your property from all the other available properties, and in today’s buyer’s market, you want to stand out from the crowd.