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Why didn't your neighbor's home sell?
The home is in a good location with a corner lot and a large landscaped yard, plus it's a newer home with all of the plush amenities a buyer could want like an open floor plan, spacious bedrooms, and high grade cabinets and appliances.
y wouldn't at least one buyer want to buy the place?
There is a one word answer: price. Homes that don't sell are more than likely overpriced. The market isn't rejecting the home so much as it's rejecting the price of the home, and in today's ultra competitive real estate market buyers will only purchase a home that offers them the best value for every dollar spent.
So if you don't want to follow in your neighbor's footsteps how can you pick the "right" price, one that provides you with top dollar but doesn't send potential buyers running into the arms of your competition? Let's look at some quick tips to help you set the right price for your home:
One way to help determine a price for your home is to ask an agent. The reports will detail market statistics, active and sold comparables, and often include adjustments for unique items that your home may offer. But, because an agent has vested interest in building a relationship with you, be sure to give them permission to be brutally honest.
Avoid the traps
Many sellers fall into some classic pricing traps that can easily be avoided. One is assuming that the tax value of a home is an accurate pricing gauge. This is a bad idea as many taxing authorities use computer models that have not yet accounted for the steep price declines experienced in most areas of the country. Another trap is assuming that the insurance replacement cost is a good indicator of value. Nope - the replacement value is an estimate of what it would cost to rebuild the home, not what the home is worth today. The last trap is assuming that your home is always superior to the comparables. This is not likely - your home has pluses and minuses like all the homes that have sold in the marketplace.
So how will you know if you get the price right?
We hope this information is helpful, contact us if you have any questions.
Seller's Marketing Team
Contact us. (678) 691-4344
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