It’s a sellers’ market and your house is different from the rest
When you daily hear that the real estate temperature is significantly hot for sellers, do you think you need to prepare your home for sale to attract buyers? This is an excellent question. A friend may tell you no, your Realtor may tell you yes and your colleague may say something in between. Who do you believe?
Don’t believe the first price you hear
I will share some tips that can help you in making your decision. To begin with, the number one criterion in hiring a Realtor should *not* be the price they give you for your home.
I am working with a client in Lake Oswego who had Realtors knock on her door and told her that she could sell her home for $900,000. I asked her to show me the information they provided if any, and as I reviewed it, it was clear that the Realtor was not making proper comparisons (such as being over 500 square feet larger than her home). When running the comparisons myself, the data showed that $645,000 – $700,000 was the more appropriate starting point. Trust, confidence and communication are more important than the price an agent tells you your home is worth.
What determines the price of a home?
Location, home condition, interior size, and lot size all play a part in a home’s value. Condition is especially a significant piece of the puzzle. For my client, it turns out that a home within a block of her house was listed at $675,000 and was a very good comparison. This is certainly different from the $900,000 that was initially proposed by the door knockers.
You get what you put in
If you prefer to sell as-is without any home preparation, that is certainly okay but you may not receive the most amount of money possible if your house is in need of obvious deferred repairs.
Pricing within a market value that reflects the condition of the house is always important. Even in this sellers’ market, we have seen price reductions. An updated home will not be priced the same as one that is not. A staged home will be priced differently than a vacant one.
Homes are like people: each one is different and needs to be evaluated individually. The adage that you get out what you put in is applicable.
If you would like to learn more about real estate and move management services, please contact Kimberly. Call 971-227-1302 or visit www.pdxmaturemoves.com.