If you have been thinking about selling a home in Arizona, this is the first place you will want to start. Pricing your home correctly may be the most important factor when putting your home on the market with a Real Estate professional with the current market conditions. Many home owners wonder how to price their home correctly.

It is fine to look at what is currently available for sale in your neighborhood to get a very rough idea of what the general price range is in the area, however, this is not how price should be determined when discussing selling your home. When and if your home does actually sell after you put your home on the market, an appraiser will generally come to your home to complete an appraisal for the buyers lender. Very rarely will a buyer buy a home that does not appraise for the contract price. A buyer has several ways of backing out of the contract, and if the contract price is five hundred thousand, and the home appraises for four hundred and fifty thousand, the contract will usually be renegotiated, or the buyer will back out if the buyer and the seller do not come to an agreement.

The best way to determine price is very simple. Look at recent sales in your subdivision with comparable amenities. If your same exact style home down the street sold for three hundred thousand a few weeks ago, that would be a good comparable property to determine price. Depending on the market conditions will help determine where to price your home. When the market is strong in the sellers favor, and your same style home with comparable amenities sold down the street a week ago for three hundred thousand, it may be a good idea to price your home at three hundred and fifteen thousand. This is how homes appreciate, and an appraiser knows this. You can not get crazy and price the home at three hundred and fifty thousand if the best comparable property in the area sold for three hundred thousand. An appraiser will not appraise the home for this amount.

When people over price their home, several things happen. Any Realtor that is thinking about showing your home to prospective buyers will probably not show the home because good Realtors pull the comparable properties sold in the area before showing a home. A good Realtor will know that it is over priced, and move on to a home that is reasonably priced. If for some miraculous reason you do get a contract on an over priced house, you will have problems with the appraisal which will probably cause several hiccups in the lending process for the buyer.

To price your home correctly in a slow market, you may want to price your home below the comparable properties recently sold in the area. People will know that you have under priced the home and may find value in that. In some cases, a seller owes a certain amount on their mortgage and that amount may be more than the market value of the home. This is usually caused by negative amortization loans, or tricky interest only loans with a balloon payment at the end of an allotted period of time. When this happens, the seller either needs to stay in the property and keep paying the mortgage, rent out the property, or get foreclosed on. Obviously, getting foreclosed on is the last thing any one wants.

Be sure to contact a qualified Real Estate professional when thinking about buying or selling a home in Arizona. If you need any Real Estate assistance in Arizona, please visit the link below to get in touch with a qualified Realtor. Phoenix, Arizona Coldwell Banker Residential Brokerage strives to make sure your transactions run smoothly.

Retrieved from “http://www.articlesbase.com/real-estate-articles/phoenix-arizona-coldwell-banker-real-estate-home-selling-143787.html”

(ArticlesBase SC #143787)

Liked this article? Click here to publish it on your website or blog, it’s free and easy!

Nick McConnell -
About the Author:

Nick McConnell

Arizona Coldwell Banker Real Estate

Executive Sales Associate

Realtor

480-323-5365

Phoenix, Arizona Coldwell Banker Real Estate Agent

]]>
Questions and Answers

Ask our experts your Real Estate related questions here…

Ask

200 Characters left

Is the executor and beneficiary of a deceased estate allowed to undertake home improvements on the home which is already on the real estate market, without informing the other main benefactor?
How many real estate agents in arizona ?
After buying an investment real estate with a loan on another investment property, what is the time frame for selling that property so it could be used for the exchange?

Rate this Article

1
2
3
4
5

vote(s)
0 vote(s)

Feedback
RSS
Print
Email
Re-Publish

Source: http://www.articlesbase.com/real-estate-articles/phoenix-arizona-coldwell-banker-real-estate-home-selling-143787.html

Article Tags:
phoenix, arizona coldwell banker real estate, scottsdale, realtor, buy, sell, invest, home, property, agent, broker, house

Learn about Selecting a Real Estate Agent

Learn about selecting a real estate agent in this video from experienced realtors and mortgage brokers. (02:11)

Home Stager Helps Sellers Entice Buyers

http://www.dailywebtv.com/Halton/video/13537 – Once you’ve made the decision to sell your home, you’d like the journey to be as short and profitable as possible. A home stager can set you on the right path, finessing your “home sweet home” into a “home sold home”.

“I look at your home as a potential buyer would,” explains home stager Beth Thomas adding that a stager creates illusions and moods. (05:12)

Learn about Buying a Home

Learn about buying a home in this video from experienced realtors and mortgage brokers. (03:09)

Learn how to Decide on Price for a Home

Learn how to decide on price for a home in this video from experienced realtors and mortgage brokers. (03:38)

How you can Sell a Home

Learn how you can sell a home in this video from experienced realtors and mortgage brokers. (03:01)

Phoenix, Arizona Coldwell Banker Real Estate Home Buying

Topics that help people purchase property in Phoenix, Arizona.

Phoenix, Arizona Coldwell Banker Real Estate Home Selling

Related posts for Free Dunwoody Home Search

Leave a Reply

Recent Articles

Categories

Archives

About

Flickr

Search