Nearly all of us are confused about setting a price when we sell our residence these days. When we look back at data collected on recent property sales in our area, and we use those statistics to help determine a price to sell our house, there will be ways that other houses match up with ours and ways they differ. Houses that have already sold are called comparables. The comparables we select to help us price our own house need to have some significant similarities, such as number of bedrooms and bathrooms and overall square footage of the house. Comparing our house to other houses on the market may not, however, be ideal.
Assessing the listing price of other houses on the market reveals one important thing, which may or may not be relevant to our own house for sale. The listing price represents one price the seller is willing to accept. But as we all know, it may not represent that seller's bottom dollar.
This may sound simplistic right now, but it's such an important point, although it's a very simple one. Generally, sellers don't divulge their lowest acceptable price, even when they are confronted. Because you don't have access to the mind of the sellers with houses similar to your house, you simply don't know the real status of the marketplace.
Sellers need to understand that when we sell our house we need to accumulate data to make intelligent decisions. Collecting sales data from the county assessor's office is the professional way to go about it, doing the same thing appraisers do in when they create professional appraisals for homeowners and mortgage lenders. Naturally, appraisers use their own system to arrive at their conclusions on the condition and the value of each property.
But perhaps surprisingly, most sellers can access the same public information to determine their asking price. It shouldn't be difficult to find at least three recent sales of comparable properties. That is how we start the process, and how we get the ball rolling when we want to sell our house. Considering market trends and comparable sales, looking at whether prices are moving up or down, we can see the right information needed to establish an asking price that will work for us when you sell a home.
Be sure not to compare a frame house to brick houses, or a two bedroom house to three bedroom houses. Any significant differences between comparable homes for sale can create significant variation in value, so make comparisons to houses as much like your own house as possible.
Assessing the listing price of other houses on the market reveals one important thing, which may or may not be relevant to our own house for sale. The listing price represents one price the seller is willing to accept. But as we all know, it may not represent that seller's bottom dollar.
This may sound simplistic right now, but it's such an important point, although it's a very simple one. Generally, sellers don't divulge their lowest acceptable price, even when they are confronted. Because you don't have access to the mind of the sellers with houses similar to your house, you simply don't know the real status of the marketplace.
Sellers need to understand that when we sell our house we need to accumulate data to make intelligent decisions. Collecting sales data from the county assessor's office is the professional way to go about it, doing the same thing appraisers do in when they create professional appraisals for homeowners and mortgage lenders. Naturally, appraisers use their own system to arrive at their conclusions on the condition and the value of each property.
But perhaps surprisingly, most sellers can access the same public information to determine their asking price. It shouldn't be difficult to find at least three recent sales of comparable properties. That is how we start the process, and how we get the ball rolling when we want to sell our house. Considering market trends and comparable sales, looking at whether prices are moving up or down, we can see the right information needed to establish an asking price that will work for us when you sell a home.
Be sure not to compare a frame house to brick houses, or a two bedroom house to three bedroom houses. Any significant differences between comparable homes for sale can create significant variation in value, so make comparisons to houses as much like your own house as possible.
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