Pricing is closely related to the amount of time it takes to sell a home and whether it will get sold. Pricing is important at all times but is even more critical when there are an abundance of listings on the market. Below is advice on pricing real estate to sell quickly in Grand Rapids Michigan.
Take Into Account Market Conditions
Every real estate market varies. Whenever you hear facts on television, those commonly refer to national averages. Your particular neighborhood may not fit that generalization. A Grand Rapids Michigan real estate agent will provide a CMA that assesses sales of comparable listings in your geographic area and render an estimated price range in which your home might sell. This range will be different seasonally, so avoid relying on outdated information.
When reading the market analysis, be aware that it is a range. Where your listing fits in there depends on the competition and your preferred sale date. As a home owner, it is common to have pride in your property and the work that you have put in. Unfortunately, not all potential buyers will assign similar value to specific features. Keep in mind that you will not get back the total amount of renovations. Furthermore, property prices can be affected by bank-owned homes in the region, which are traditionally sold at dramatic discounts but are still considered comparable properties. Market valuation is technically the price that a home buyer is offering to pay for a listing during a defined time. It might not necessarily meet your estimates or resemble the price at which you purchased the property.
Pricing Real Estate To Sell Quickly In Grand Rapids Michigan
Pricing above market value can lead to valuable time being lost. If the market decreases during that listing time, the listing will actually sell for even less than it would have if priced correctly to start with. also, home buyers commonly have a negative feelings about houses that have been listed for a long time. This can be sometimes impossible to get past even if a listing drops in price later. Pricing too high can be irrevocably damaging.
Some Additional Advice for Sellers
If the current market price of your property is extremely different than your requirements, it may be better to keep a close eye on the price fluctuations and wait for sales to go up instead of pricing high and letting it sit for months or even years. If you have no choice but to sell and must do so in a particular time frame, selecting a price appropriate for the market and in line with other listings will be imperative to achieving your target date. Time is money and mis-pricing could be more expensive than you realize. For further information on pricing real estate to sell quickly in Grand Rapids Michigan, contact John Doorn at JH Realty Partners.