Selling Your Home
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A Home Owners Guide to Selling a Home Brought to you by: Re/Max & Team Polk |
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Competitive Market Analysis: The first item to consider when selling your home is pricing. -Out Of Range = Expired Up to 35% of all homes put on the market will not sell. The prices at which these homes are expired represent the ‘out of range’ price. -Upper End of Range = For Sale This represents asking prices only. They have not been attained in the market. If you are not getting the results you expected, the price is too high. -Lower End of Range =SOLD! These are the actual sale prices and are your best evidence on which to base your pricing decision. Compare sales prices with houses similar to your own to obtain the correct range of pricing to sell. |
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Value Trends in the Market: Prices in the real estate market rise an fall over time. A rising market may capture the home and in turn it will then sell. A flat or declining market makes pricing crucial. Team Polk can advise you on the current market trends to better assist you in your pricing decision. |
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Polk’s Pricing Principles: 1. Cost – The amount you actually paid for the property plus any capital improvements made since the purchase of the home. 2. Price – The stated amount an owner is willing to accept for a property. 3. Value – The amount a buyer is willing to pay given a certain set of circumstances. 4. Market Value – The amount that will bring a sale between a willing buyer and a willing seller. This is based on the history of similar properties sold in the area. 5. Regression & Progression – The effect that the surrounding home sizes have on the value of your property. Regression is the decrease in value when surrounded by smaller homes. Progression is the increase in value when surrounded by larger homes. |
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Overpricing is Often the Obstacle: Over Improvement – Improvement should be made for enjoyment not just for resale. Need – An owner’s need for money does not increase the value of the home. Buying in a higher priced area – Values are location specific. High values in the destination do not increase the value of the existing home. Original purchase price is high – Chances are you paid market value. It’s not a price that was too high, but a market that has experienced subsequent change. Lack factual data – Base you opinions of value on recent documented sale prices. Bargaining room – Buyers may offer low, but they will do that at any price. It is easier to negotiate up to fair market value than to an inflated price. Move isn’t necessary – Even if the move isn’t urgent, it is important to price correctly to preserve your marketing opportunities when the move becomes urgent. |
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Deciding to sell your home is a big step. Make sure it is a step in the right direction by choosing the realtor with the most experience, the knowledge to sell your home. Greg Polk www.teampolk.com (860) 808 – 2075 greg@gregpolk.com 2600 Berlin Turnpike Newington, CT 06111 |
The following articles are a great place to start if you're looking for information about the sales process and how you can get more for your home when you decide to sell.
| The Basics of Marketing Your Home | How to Set a List Price for Your Home |
| Get Your House Ready to Show Buyers | Why Use a Realtor when Selling a Home |