Longboat Key, Florida | August 6th, 2019 – Sellers’ asking prices and buyers’ bids are likely to become more and more fluid these days. This is especially so in the Sarasota‒Manatee region where our Judy Kepecz-Hays team has noted that recent price appreciation appears headed toward the historical norms of 3‒5 percent.
This pace, however, may seem too slow for some prospective sellers, considering the double-digit annual price gains that our market experienced since 1972 after the Great Recession. Now that these accelerated rates have slowed down quite significantly, selling a residence at current market conditions requires a sharper and more realistic approach in pricing.
Here are some of the basics steps when putting a price tag on the house you plan to sell.
Seek objective advice
Keep your emotion in check when selling a house. Understandably, it would be a difficult exercise to price a dwelling which holds precious memories for you. Fond feelings of a residence can make it hard for its owner to set the price level market conditions dictate.
Therefore, try to be objective as much as possible and have an open mind. Seek and prepare to receive advice particularly from real estate professionals.
Consult local experts
Find a trustworthy real estate agent through recommendations from friends and relatives. Interview each candidate agent with an eye for the one who can provide you with the strategies which specifically work best in the local market.
It is typical for a professional agent to invite other local agents in an open house for sale to validate initial price estimates on a property. This is a smart move, as you’d be able to tap into collective viewpoints on prevailing market trends, a valuable input on pricing.
Have an overview of the residential properties sales-listed in the same bracket as your initial estimate. A professional real estate agent can help you on this step. It is basic for agents to collect data on properties recently sold in various price ranges and locations. From this resource, you can figure out the residences which are comparable to yours not only in terms of square footage and other features but also pricing.
Even if you’re already working with an agent, it’s also a good move to use available online tools, such as MLS data, to gather as much information about “comparables” or sales listings competing in your property’s price bracket. This way, you might be able to spot market listings which your agent might have missed.
Hire an appraiser
If you really want to boost further the degrees of accuracy of your pricing, engage the services of an appraiser. This professional, specialized in determining values of real estate properties, can be of help in particular if your agent is pushing a price too low compared with your own expectations.
Be aware though that the appraisal from your end would just come as another opinion on your property’s value. What would count, as far as a prospective buyer is concerned, would be the appraisal of the lender that this buyer is tapping for the purchase.
These are but some of the finer points of setting the price of residential properties. Contact us by phone or email if you want to learn more on setting the price of a real estate property you want to sell.
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