Properly Pricing Your Home or Condo in Parkland or Coral Springs…
Real Estate Pricing Mistake #1 – Not enough research. Researching a listing price for your home should include thorough market research; active listings, current absorption rate, three to five recent closed sale comparable properties, which have sold in the prior six months or less.
Real Estate Pricing Mistake #2 – Simply hiring the real estate agent who suggests the highest list price for your home. It’s called buying a listing with real estate insiders. What does it cost for you to own that property for six months? While an unqualified real estate agent or an agent who just wants a listing takes it at a premium price you will be spinning your wheels. If it’s a six month listing you may as well put six months of carrying costs in a pile and set it ablaze.
Real Estate Pricing Mistake #3 – Thinking with the heart and not the head. Everyone loves their home and selling real estate can be very emotional. Try to stay grounded and not get swept up in emotion.
Real Estate Pricing Mistake #4 – Over pricing real estate from the start. It’s like starting off on a walk with a sprained ankle. It’s not going to go well and just cause more pain and suffering down the road.
Real Estate Pricing Mistake #5 – Overpricing real estate “to test the market”. The real estate market was already tested … by the three to five closed sales comparable properties you should have used to determine the listing price. They provided the next seller FREE market research, so use it.
Real Estate Pricing Mistake #6 – Small price reductions downward, chasing the real estate market. The only person you’re fooling is yourself. Buyers are savvy and they’ve looked at every home in your price range. On top of that, they have access to the internet, free property valuation services and probably a real estate agent who will tell them about every price reduction, previous listing and days on market.
Real Estate Pricing Mistake #7 – Not understanding the current condition of finance and whether the property will be able to be financed. FHA Loan Limits, Condo Questionnaire If the real estate you are trying to sell does not qualify for financing it could severely effect the final sale price as the real estate will be limited to cash buyers only.
Real Estate Pricing Mistake #8 – Not getting a comparable market analysis. If there are no showings or no offers, something is wrong with the price, location or condition. Since real estate can’t be moved to improve location only the condition and price will be able to be altered – proceed accordingly.
Real Estate Pricing Mistake #9 – Listing your home with a friend or relative because they “have a real estate license”. For literally ten days in class and four hundred dollars anyone can have a real estate license. There is a difference between being licensed and being a knowledgeable, experienced, productive real estate agent.
Real Estate Pricing Mistake #10 – Using an automated valuation internet based service like Zillow to price your home. Talk to an experienced realtor who works your neighborhood and has a proven track record to get the ‘real’ comparable market value for your home.
If you’re interested in selling your Parkland/Coral Springs home or condo and would like an accurate market report for your real estate: Contact Nicola.