Pricing is directly related to marketing time a real estate listing and whether it will get sold. Pricing is crucial at any time but is especially critical when there is a lot of competition. Below is advice on pricing techniques for properties in Monadnock Region.
Recognize the Real Estate Market
Every real estate market is different. Whenever you see statistics on television, those usually refer to national trends. Your particular area can be very different. A Monadnock Region real estate broker can prepare a market analysis which details sales of comparable homes and renders a reasonable price range for your home. This range can vary regularly, so do not refer to outdated figures.
When viewing the market report, understand that it is a range. Where your property falls within there depends on several factors and your desired sale date. As a home owner, it is typical to be proud of your home and the repairs put into it. Unfortunately, not all buyers will assign similar value to different amenities and renovations. Anticipate that you will not receive back the full cost of repairs. Additionally, property prices may be affected by short sales in the area, which are traditionally sold at lower prices but are still treated as comparable properties. Market valuation is defined as the amount that a home buyer is willing to spend on a house during a particular time. It may not actually meet your requirements or be close to the price at which you purchased the house.
Pricing Techniques For Properties In Monadnock Region
Listing above market value will lead to valuable time being lost. If the market condition drops further during that timeframe, the listing will ultimately sell for much less than it could have if priced accurately from the beginning. Additionally, buyers generally have a negative feelings about homes with extended market times. This can be difficult to overcome even if a home lowers in price later. Overpricing does more harm than good.
Some Additional Advice for Homeowners
If the market value of your property is far too different than what you are ready to accept, it may be better to monitor the pricing trends and wait for values to increase instead of pricing high and letting it grow stale for months or even years. If you must sell and need to do so within a particular window of time, picking a price appropriate for the real estate market and competitive with other homes will be imperative to accomplishing your goals. Time is money and incorrectly pricing may be more expensive than you expect. For more tips on pricing techniques for properties in Monadnock Region, contact Ken Moller at The Mollers.