Price Your Home To Sell In Today's Real Estate
Market
EDISON - The New Jersey Association of REALTORS® (NJAR®) reminds
homeowners that sentiment should not weigh in to the equation when
determining the right price to position the home for sale.
According to NJAR®, sellers need to put themselves in the buyers'
position to better understand how a home will be evaluated. They need to
consider that their property will be compared to other homes that are on
the market in the area, including the length of time the house has been
listed, whether there are attractive upgrades and the overall condition
of the home. Residential real estate experts - REALTORS® - would
make certain to work with a homeowner to set a price that falls within
range of comparable homes.
"Determining a listing price is complicated since a variety of factors
must be considered to accurately analyze and evaluate a home's realistic
value in present market conditions," said 2011 NJAR® President Allan
"Dutch" Dechert. "Owners interested in selling their homes should
consult with a local REALTOR® who is familiar with comparative home
sales, the value of municipal services, access to transportation and the
quality of nearby schools."
While those seeking to sell their home should commit to keeping a neat
home, they should also focus on the condition of their residence and
make necessary repairs. Curb appeal is important. When a potential buyer
pulls up in front of your house you want to make an immediate good
impression. However, repairs only scratch the surface in getting to the
core of what will attract the ideal buyer.
"Cost is most often a determining factor when deciding on a home to
purchase and an overpriced house sticks out to buyers, especially if
it's been on the market for a long period of time," added Dechert. "Even
if the home has all the elements that a buyer is searching for, they
will avoid an overpriced property because it gives the impression that a
seller is not willing to negotiate."
From a buyers' perspective, sale price, mortgage rates and real estate
taxes also factor in to the decision-making process. Other substantial
factors to consider are the recurring monthly expenses such as property
taxes, homeowners' association fees and homeowners' insurance. Informed
buyers will closely review a home's location, construction, and age;
since these are the same criteria insurers will review to determine the
insurance policy rate. Considering these elements when setting the
listing price illustrates that a seller is reasonable and fair. Property
taxes are a hot button issue for buyers, especially in New Jersey. If an
area has a higher tax rate, consumers will want to know more about the
quality of local and municipal services available. Sellers should take
their taxes into account and make it part of their selling tactics if
the rates are more favorable than other local areas. The general tax
rates by county and municipality are posted for reference on the
State Division of Taxation Website.
Comparing similar properties, noting the differences among them,
tracking market movements and taking into account the present inventory,
are all tactics utilized by REALTORS® to come up with a range of value
for the home. When dealing with this level of detail, there is a clear
need to work with a REALTOR®.
Provided By: Cape May Star And Wave, March 16, 2011