Is your home priced correctly? with Main Line Expert Kimmy Rolph Hearing that your home is now worth (a LOT) in fact, more than what you had expected is always a great feeling. The sad truth however, is sometimes its not being priced the correct way & as a result, selling can become more difficult. So how do you know if your home is being priced right? Stick around till the end of this video!
There are a lot of reasons that homes get priced incorrectly. But an incorrectly priced home can be a huge huge headache. Mostly because if you are financing a home, the appraisal is going to come back differently and then you have wasted tons of time and money and buyers who are financing will not be able to purchase or you will have to renegotiate for a lower price. It is even more stressful because there is so little inventory on The Main Line, down 50% from last year, and this is time you do not have.
Let’s look at why homes get overpriced. We just went over one thing and that is right now homes are selling over list price and that is driving up home values. Many agents will overpromise in terms of list price to try to get your business. Beware. They are ultimately not doing you any favors. An overpriced homes is a headache and a waste of time. Your home value is based on what is available at a moment in time in your market, but there are certain things that are going to make your home more valuable compared to other similar homes on the market. So let’s look at some of these variables.
First is beds baths and square footage. This is the basic pricing criteria. How many beds and baths does your home have and within how much square footage? You then compare homes in your area. Next you look at the structural health of your home roof, hvac etc. Finally, you can factor in some upgrades, do you have a pool, garage, outdoor living, and always underestimate what you think those are worth because it will not be in the thousands. The next big factor in what your home is worth in your market are the other homes near your homes. What is the community like? What is the school district? This one is huge on The Main Line because we have the best schools in Pennsylvania. Another thing to consider is the physical location of the parcel of land. Is it on water, are you near a road, what is your water and electric, are there visible power lines, all of these are factors to consider and would make your home more or less valuable compared to others on the market. With so few homes on the market and selling above list, you are really going to be pricing on what is selling and that goes up and up. BUT any realtor should never price speculatively, only on what has sold.
SO is there such a thing as an easy sale price? Sure there is. It is based on all of these factors and is what buyers are willing to pay. If you price your home based on the available inventory and what has sold in your area, pricing it a bit lower will sell faster, higher will take longer to sell. This is not rocket science, it is market fluctuations. When you are looking for a realtor to price your home, look for a certification of a pricing expert. I hold the certification and it is one of my specialties that I offer my clients. Clients ask a lot about whether they should list high thinking maybe a buyer will fall in love with their home and pay way above market value. I will turn down these listings. Why? Because I am in the business of selling homes and that is a waste of my resources and a waste of everyones time. In this market if when you list, you do not have ten appointments in a matter of a day, or offers within a week, you are listing too high.
Your realtor, in addition to being certified, should caution you against listing high. If they do not, they are being forthcoming. Even buyers with huge budgets are not throwing money away on an overpriced home. Pricing is determined by area and what is sold in the area, it is basic supply and demand.
If you are interested in seeing what your home is worth, I offer free consultations in home or over the phone. We can create a pricing strategy to get your home sold for the right amount and with the best terms, in the least amount of time. Let’s start this next chapter together. Remember Kimmy Rolph Sells the Main Line and Local Areas.
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