Setting the Sales Price
Before we set the sales price of your house, I'll run a Comparative Market Analysis (CMA) that will show the listing price of similar houses in your area as well as the prices at which the houses actually sold. Additionally, the analysis will give us information about houses currently on the market and about houses that were on the market but never sold, as well as the number of homes on the market and therefore, number of choices the buyers have to select from. The old rule about "supply and demand" is still valid in determining the real market value of a property at any given time.
We will also review both the days on the market as well as the cumulative days on the market for properties that sold, properties still for sale that are active, as well as properties that expired, to determine market conditions and timing.
Next, I'll ask you about your goals in selling the house. Everyone who sells a house has different goals that need to be factored in when calculating the selling price...so the "best price" or optimum price varies depending upon the circumstances and desires of each individual as well as the market conditions and "supply and demand."
Market conditions as well as the "appeal" of the home to what the buyers are indicating is important, and will play a role in setting the offering price of your house. I'll factor in how quickly houses are selling in your area, interest rates, the strength of the school system, and finally whether it is a buyer's or seller's market. We will look at the desirability of the floorplan, location, and what the home has to offer that makes it "unique" that might attract a higher sale price for the special use or need of the right buyer. In Texas, most of Collin County, and most cities and towns in these local areas, trees, creeks, large lots, acreage, cul-de-sacs, etc. are a rarity and will help to get a higher price in a shorter period of time. Whereas homes that are dated to today's buyers' taste and lifestyles, as well as locational or functional problems that take away from the privacy, peace, and quiet enjoyment of the home, its safety and security, and its setting, are factors that lower the value of a property and should be taken into consideration in the offering price from the beginning.
In addition, does the home have a "lived-in" look or is it ready for quick occupancy without need for the buyer having to invest large sums of money to replace, repair, etc. There are a lot of factors that influence the true value and appeal of each property.
After selling real estate for over 30 years, I find that with many properties I have pretty much a "gut instinct" of what the home's offers will be, but try to support that with actual sales and statistics based on normal appraisal standards in the industry. However, this "gut instinct" that comes from over 30 years of experience and over 2,800 closed transactions is just one more difference that sets me apart from the majority of the real estate brokers and agents that work the areas where I specialize. Therefore, I am able to guide my clients in what is a "reasonable offer" and what is "unreasonable" with a high level of accuracy in most cases. This is, of course, most beneficial in negotiations for my clients' best interest and is another "asset" to them in choosing me to represent them.
I normally like to recommend a price or price range at which to list your house to meet your goals in the local market. I usually prefer to suggest a "price range" depending upon all the variables and any incentives that might be offered as well to the buyer or buyer's agent. However, in some cases the property and research of comparables is just simple enough to pretty much give a "broker's opinion of value" based on recent sales in the same area as the subject property.
After that, the house is officially put "on the market" and the marketing campaign begins!
Thanks for visiting my website. I look forward to speaking to you about your real estate needs and desires.
Jeanie E. Elliott, Broker/Owner
CHMS, ALHS, SRES, SFR, ABR
Jeanie Elliott, Inc. REALTORS
Direct Office: 972-612-2277
"Put Success on Your Side"
"Celebrating Our 33rd Anniversary in 2013"