Tuesday, November 29, 2011

Top Tips for Setting Your Listing Price

When it comes to buying South Jersey Real Estate, most potential buyers will use the listing price to as the number one factor to determine the homes that they look at.  Even though you and a realtor may determine the asking price, the buyer will determine the selling price.  If the price is too high, most buyers won't give it a second thought - which is why you want to determine the listing price carefully.

If you set the correct price, you'll notice a much faster sale.  Setting the right listing price will also attract more potential buyers to your property as well.  You'll also notice an increase in response from realtors, and receive more calls about the property.  The listing price is very important - and it can ultimately determine whether or not you sale your property.

A home can be overpriced due to several reasons.  Normally, this happens when a buyer asks a lot more than the home is worth or certainly more than what the current market will bear.  Some buyers ask a lot more than the value of the home due to location.  Although the location is very important to South Jersey Real Estate, most potential buyers won't give the home a second look if they think the price is too high - and more importantly out of their price range.

When you put your home up for sale, most activity will happen within the first couple of weeks.  If you put the right price on your home, you'll notice immediate interest.  There are always buyers looking for homes in their price range, waiting for new homes to be listed or homes to be reduced in price.  Buyers who are waiting to purchase may miss seeing your home completely if the price is too high.

To determine the listing price of your home, you could consider having it appraised.  Of course this is ONLY one of the valuations that are pertinent to your homes worth, but it will at least tell you what the banks think your property is worth.  You can always sell it for this appraised value, but your broker will be able to more accurately tell you what the MARKET value is.  If you bump your price up too far above the market value (regardless of what the appraisal or the assessment tells you), you'll miss out on a lot of potential buyers.  The home market is very competitive these days, which is why you want your home to draw as much interest as possible.

Keep in mind that realtors really have no control at all over the real estate market, only the plan behind marketing.  Realtors don't determine the asking price - the seller does.  You can ask a realtor for advice, although you are the decider of your listing price.  If you do things right and take each thing step by step, you'll set the listing price in the right area and have no problems selling your South Jersey Real Estate.
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