Pricing A Home
How To Price A Home A home will sell with the right price and a lot of exposure. In the real estate market in recent years, exposure has taken a new advances with many internet solutions for real estate. Be it as it may, the real estate new tools or exposure will not help a home sell if the home is not priced right. When considering selling your home, it’s very important to first study your real estate market on a subdivision level, not a metro-area level, to come up with the features and amenities that are establishing the value in your neighborhood. You must then figure out a pricing strategy in accordance with your financial and timing needs.
A home will sell for two reasons: price and exposure. In the real estate market for the 21st century, exposure has taken a new turn with the advancement of many Internet technologies for real estate. Be it as it may, the real estate industry’s new exposure tools will not help a home sell if the home is not priced correctly. When considering putting your home up for sale, it is very important to first analyze your real estate market on a subdivision level, not a metro-area level, to derive the features and amenities that are driving the value in your neighborhood. You must then establish a pricing strategy in accordance with your financial and timing needs.
Identifying Selling Needs
No two real estate transactions in today’s world are identical. Only after selling your home will you derive your needs. This wiil be your “win” in your transaction. Be careful; the years of owning your home can cause a strong emotional attachment and can cloud logical thinking. This is absolutely normal, and fortunately, there are professionals available across the nation to help bring a logical, non-emotional approach to selling your home. These professionals are known as real estate agents, and each can be a vital tool in making sure you get the most amount of money for your home in the least amount of time, and with a minimum level of stress.
Always focus on your timing needs first. Do you want to sell your home in 30, 60, or 90 days? Are you looking to have a contract by that date, or to be closed and moving into your next home? A typical real estate transactions will take buyers approximately 30 days to close on a home. During this time period means getting inspections, negotiating repairs, and securing financing with their mortgage professional.
Are you going to need a certain amount of equity after closing on your home? If so, lets understand this number from the very beginning and make sure that this need will be satisfied out of the sale of your home.
Understanding Your Local Market
The next step to selling your home is to make sure that you have leverage. The key ingredient to winning in a real estate transaction is leverage. When selling a home, leverage is achieved by pricing your home at a market price that will attract the most amount of buyers for your area. Homes can be priced one of two ways: negotiation and market. Pricing for negotiation will result in exactly what a seller expects: negotiation on the asking price. Pricing at market will allow your home to be exposed to the widest range of buyers and enable the seller to have a leveraged position in the real estate transaction.
There are three types of market research that one must analyze when pricing a home: sold, expired, and active properties. First, the sold history for your subdivision for the past year will give great detail on the selling trends in the neighborhood. By analyzing the sold price per square foot of homes with similar features, amenities, and condition, you can easily identify your selling range in relation to price per square foot. Price per square foot allows you to level the playing field and compare apples to apples. A homes square footage is a basic unit of real estate, and all homes will be priced according to the size of the home. At this point, you will want to gain an understanding as to why homes are selling in the per square foot range that they are being sold in. Once this step is complete, we can have a higher level of understanding as to which homes are desirable and getting the most money, and which are the exact opposite.
After you have figured out as to why homes are selling in the price range that they do, you can then test your findings on homes that did not sell, or expired listing properties. This is done to make sure that the conclusions derived during the analysis of sold properties are accurate and applicable to your real estate transaction. Remember: Real estate transactions are not typical and your findins may not be able to explain exactly why a home did not sell. You can usually assume that if your conclusions can logically explain why 3-5 homes have not sold in the past 6 months, then your conclusions are accurate enough to be considered factual.
Find Your Homes Selling Range
Now that we have an understanding as to why homes are selling in the range that they are, we can then look at the features and amenities of your home and identify the price per square foot range that will be most suitable for your home’s asking price. For this information, we are going to look back at the one year sold history of your neighborhood.
It is important to be realistic and logical in this step of the pricing process. If your home is 1500 square feet, look at what other homes within 200 square feet are selling for per square foot. You will also want to take into consideration the other main features that buyers are interested in: bedrooms, bathrooms, year built, and unit stories. After you have found homes that are similar to your home, see the highest and lowest price per square foot that they are selling for to give your home a possible selling range. Don’t be surprised if this is a large price range. We are simply identifying the range at which similar homes are selling for. We will then take your needs to determine what part of this selling range your home should be priced in.
Price According To Needs while Analyzing Competition
Do you remember earlier when we identified your win in your transaction? These rules for selling your home, usually timing and required equity, will help you determine the most appropriate price entry point for your price per square foot selling range. Make sure that your final asking price will satisfy all of your needs.
Let’s say for example that you must sell your home in 90 days. Your main concern is to make sure that you receive an offer within these 90 days, and are perfectly fine with closing 30 days later. You also want to make sure that you will net at least $25,000 from the sale of your home after paying all selling expenses. The next step is to look at the amount of inventory for homes with similar features to your home. The most important factor to look at is the number of bedrooms. In the past twelve months, how many homes were sold that had the same number of bedrooms as yours? How many homes are there in inventory now with the same amount of bedrooms? When you know these two numbers, you can derive the amount of inventory available. If there were 12 homes sold with 3 bedrooms in the last 12 months, that means there was on average one home sold per month. If there are six homes available, it is safe to say that there are 6 months of inventory.
For our example, we must receive a contract on a home within 90 days. If there are 6 months of inventory available, then it is accurate to state that the current level of competition will take a toll on your final asking price due to your 90 day requirement to receive a contract. You must make sure that your home is more attractive than your competition, especially now that we know that we must receive a contract in 90 days and there is 6 months of inventory available.
Using this same logical approach, you can determine where your home must be priced in your selling price per square foot range. Make sure that you stay non-emotional and realistic when finalizing these numbers. You want to make sure that you can satisfy all your needs when selling your home. If your final asking price is reduced due to a high level of competition, and this reduction causes you to not net the equity you need, then you will simply lose by putting your home on the market. Be sure to understand this concept and be assured that you are making the most informed, intelligent decision possible. Selling your home can be a very long journey; you will want to make sure that your time invested will be able to satisfy your selling needs or else your efforts will be wasted.
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homesite.obeo.com Contact: Morris and Raper Atlanta New Homes Directory 770-671-0088 kwolfe@mresults.net for more information about this home.
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For years, Homes for sale Seattle have been famed with buyers looking for a primary place to settle down and put down the memorable extraction. Seattle is burgeoning due to its perfect weather, the diverse population of area and the great lifestyle facilitate by the region as a whole. Seattle is the great city of the America and homes for sale in Seattle continue to draw families of all shapes and sizes search out a new place to live.
One of the ideal benefits of many Homes for sale Seattle is their proximity to ideal, reliable public transport. Seattle has long been at the center of the national green movement and Seattle residents are, usually a fairly natural conscious group. Mostly this means that Seattle boasts transit options that meet the needs of many most of the people.
The largest part of people who preferred to settle in for something in between the above options may look for properties located in close proximity to cities such as Seattle, Olympia and Snohomish. Homes for sale Seattle are embrace condos, town homes, penthouses, studio apartments and single family quartered. If you are search a land to build you can redirect you obtain of Homes for sale Seattle where there are still some vacant plots for structure.
The effects of the recession are on the real estate market Seattle is gradually succeeded. According to approximate made by the industry insiders, the worth of Homes for sale Seattle is going to bounce back to where it was some time ago. If you are find out properties in this region and then you have just made it in the nick of time to strike the perfect transaction.
Seattle is one place where anybody would love to buy property. There is still some potential for one who is looking forward to buy a property in Seattle as the real estate scene is still not tired. These do it one of the most sought after real estate market of the present times.
Those finding for Homes for sale Seattle will discover that the real estate of area Marketplace is booming. With both the City and County of Seattle fast expanding Homes for sale Seattle near the Ocean are some of the expensive in the entire area. These deluxe estates and mansions can sell for more than $15 million. Once you swerve away from the ocean, Homes for sale Seattle have a more reasonable price tag. Though a bit inexpensive, beauty is certainly not lost these new houses offer marvelous views.
Homes for sale Seattle is always going to be question to boom and bust times. That is a certainty of life and this is not the first time this has occurred and it will not be the last if history has given us any clue. Now the housing market in Seattle is going through one of those ruined but 2011 may present a great time to make a long term venture for somebody thinking ahead. With the availability of a wide range of Homes for sale Seattle at highly inexpensive deals you can now acquire your dream home without spending more than your budget in addition to reap the profit of a good venture.
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Marietta, Ga: Sunny And Smart
The city of Marietta, GA is steeped in history. From its humble beginnings in 1834, it has a rich history and a bright future.
In the 1830s, the state legislature approved the creation of the Western and Atlantic Railroad. Marietta, GA was selected as the home base for the railroad’s operations. As result, the city started to grow and businesses boomed. Several taverns and hotels were built as well as homes for the newly arriving residents. Marietta, GA endured its share of ups and downs over the next 30 years culminating in 1864 when the town was set on fire by the Union General Kilpatrick.
Almost 150 years later, Marietta, Georgia conjures images of beautiful homes in a suburban setting surrounded by charming downtown streets and shops, inviting green parks, thriving businesses and friendly residents. One of the reasons Marietta, GA has continued to thrive is due to its education system. Amidst the parks and historic buildings in downtown Marietta lie three colleges and universities. Well-known for its impressive engineering, computer science, and technology programs, Southern Polytechnic State University (SPSU) draws students from all-over Georgia as well as far beyond the state’s borders. SPSU’s baseball, basketball, and soccer teams compete in the NAIA and often draw exceptional athletes. In the 2009 season, the SPSU baseball team won fifth in the NAIA World Series, and three players were drafted by major league teams.
Not content to stand in the shadows, Chattahoochee Technical College (CTC) also awards degrees to hundreds of students each year. A two-year technical college with six campuses in the northwest metro Atlanta area, CTC provides an education and an opportunity to quickly start or enter business in the “real world”. Lastly, Marietta’s Life University offers three colleges: College of Chiropractice, College of Graduate Studies and Research and the College of Undergraduate Studies.
Marietta, GA is undeniably charming, historic, beautiful, vibrant, and warm in both weather and demeanor. While such surroundings help residents be happy and vibrant, higher-education institutes such as SPSU, CTC, and Life University help residents to reach their potential through education and community involvement.
The colleges and universities draw students who often decide to remain in the area and purchase homes in Marietta, GA. The allure of the community, opportunity, affordability and availability of homes for sale in Marietta, GA make it one of the best places to live.
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Why you should be extra careful in investing in subdivisions selling lot only in the Philippines
One of the most common pitfalls in subdivisions selling lot only is the difficulty of coming up with a good number of families living in the community. Ideally, there has to be a good balance of the number of residents living in the community so they can organize themselves by forming Homeowners Association to be able to combat the common problems associated with community living such as drainage, water supply, security, electricity, garbage disposal, and proper maintenance of basic facilities and amenities. By experience, many developers especially in the pre-selling stage, offer lots only for sale but they leave it up to the lot owners to build their homes on their down design and at anytime they want it. Unfortunately, experience tell us that while buyers are convinced that the lots are very saleable, just too many buyers buy for the purpose of investment and no plans to build homes on the lot they bought in the near future. Too few number of residents in the area would be incapable to address the problems affecting the community in the day to day living, such as the monthly dues would not be enough to pay the security guards, drainage problems and a whole lot more.
According the HLURB, the socialized housing (high density subdivision) should have 66 to 100 families per hectare, the economic (middle density) should have 21 to 65 families, while the high end (low density) should have 20 or below families per hectare. If the subdivision development shows significant trend that will lead to this ideal number per hectare, it will be a good indication for the project development to turn into a good community. Of course, having a good community will definitely help keep the value of the real estate property high. It’s unfortunate to hear from some investors who keep asking Real Estate Brokers to sell their properties located in subdivisions with very few residents. In fact, there is one subdivision in Maribago Mactan that developed several hectares of land, the project has been 10 years now and only two houses can be seen in the entire subdivision although majority of the lots have been sold out. Lot owners here could not even sell their lots at the price they bought 5 years ago. Many lot owners keep calling us, Real Estate Brokers to help them sell their lots but unfortunately, it’s kind of difficult for us to do because it will appear that we are helping our buyers become losers like them which we hate to do. Although, the developer of such subdivision accredit us to sell their lots even until now, but such development is never found in our website www.cebubesthomes.com On the other hand, It is good to know that there are developers who are very good in helping the lot/unit owners organize themselves to form a homeowners association. One of these developers is Primary Homes who develops Brookfield & Collinwood in Mactan, Casa del Rio in Talamban, Garden Bloom Villas in Liloan, Acacia Place and Woodberry in Banawa Cebu City. They are willing to spend initially as if they are the homeowners association at the start, then initiate policies and guidelines for the new homeowners to follow. This is important for them as they strive to keep a good name in their project developments now and in the future. It is very important that as buyer, you have with you an honestreal estate broker/agent who is genuinely interested in your welfare as buyer/investor of properties and not just interested in the commission he gets or whatever lure he gets from sellers. The broker should be knowledgeable and competent enough to disclose the pros and cons of every project development and guide you all the way towards finding the property most suitable for you.
Author: Engr. Manuel R. Arengo Jr. Licensed Real Estate Broker No. 1185 PHILIPPINE REAL ESTATE
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When can puppies go to their new homes?
My dog had a litter of pups, who will be 6 weeks in a couple of days. They all have good homes lined up, and are pretty much weaned, only feeding from the bitch occasionally. The bitch is giving them the cold shoulder and they seem to be quite independent.
I would really appreciate some advice on when to send them to their new homes – the prospective owners are keen to take them, just want some advice of when.
Thanks for answers!
No lectures please about being an irresponsible owner.
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The Estates at Ivy Creek Buford GA
homesite.obeo.com Contact: Morris and Raper Atlanta New Homes Directory 770-671-0088 kwolfe@mresults.net for more information about this home.
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Manhattan Beach Homes for Sale
A survey of Manhattan Beach Homes for Sale on online foreclosure listings showed that home prices in the area are still high, but they are certainly lower than price levels before the recession.
Therefore, buyers interested in properties in this affluent city should consider buying now before the overall market recovers and prices shoot up again. On the website of one major foreclosure listings provider, the prices of bank REO homes available for sale range from $734,555 to $2,198,000. One four-bedroom five-bath 3,867-square-foot home is listed at $920,020 while a three-bedroom two-bath 1,470-square-foot house is listed at a higher price of $1 million.
Manhattan Beach Homes for Sale are pricier compared to other areas in Los Angeles County because most of them were built and designed for affluent families. The city also offers panoramic views of the ocean, has plenty of scenic parks and offers the quiet and peace desired by most people.
On another foreclosure listing site, some of the featured Manhattan Beach bank owned homes for sale include a three-bedroom three-bath 2,276-square-foot home listed at $550,198; a 4-bedroom 3-bath 3,354-square-foot home listed at $787,369; and a two-bedroom two-bath home listed at $734,250.
The 40 foreclosed homes currently for sale range from $394,785, which is the listing price for a 2-bedroom 2-bath 834-square-foot condo unit, to $995,609, which is the price for a two-bedroom 3-bath 1,876-square-foot home.
As situations continue to improve in Los Angeles County and other areas of the nation, prices for all types of homes are also now improving. The sales price median for all types of homes in Manhattan Beach is $1,473,000, an increase of 7 percent from the median one year earlier. The average listing price also rose by 2.3 percent to $2,320,244.
Prior to agreeing to take a mortgage out on a home you really need to look at what the financial implications for you are going to be. You need to wholly want to live in a certain area before committing to a mortgage for a property there, my ideal location is Venice CA, just search for Venice CA homes for sale. The interest rate will of the loan will have a big impact in terms of your monthly commitment to repayment. When you feel that you are ready to start looking at credit options for homes then look at the following. Before I forget though, if you are searching for a home in Venice CA, California, then do a search for: Venice CA homes for sale.
To be eligible for a good interest rate you will need to have an excellent credit score. Before applying for a loan, the borrower should obtain a free copy of their credit profile and check it carefully for any mistakes. If errors do exist then you will have to dispute them and have them corrected if possible, you can do this via contacting the credit bureau.
A good way to ensure that your credit score will be of an acceptable standard is to always make bill payments on time. What a lender wants to ensure, is that you will be in a position to be able to make repayments, and that you will actually repay them on time, a problem that those with Venice CA homes for sale certainly do not have. The worst thing that could possibly happen is if you miss a payment when you have recently applied for credit, the rates of interest offered will most likely be massive.
When obtaining a mortgage, it is of paramount importance that that is your only application for credit at that time. Every time someone applies for credit, it has an impact on their score and could potentially lower it by as much as twelve points. Through reducing your debts you will be offered the best rates.
After you have sorted your credit rating out, the next step is to slowly start looking at the best mortgage deals out there. Generally speaking – never take the first offer you receive. You should never be paying more than $1500 max in setup fees for your mortgage, if you do then even if you receive what you feel to be low interest rates, this benefit often be balanced out through the higher start-up fees. Also check on the internet and in the local paper for further options. A popular advert I noticed recently was one for Venice CA homes for sale.
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www.SilvergateHomes.com New Homes For Sale in St.Catharines, Thorold, Niagara Region. SIlvergate Homes New Home Builders. Custom Home Builders. New Home Construction. Serving The Niagara Region
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Even in today’s uncertain Sacramento real estate market you can sell homes fast if you follow these simple rules and have an experienced agent to guide you:
Price the home in the right. Find the right price range for your home and position it in the middle to lower part of the range. If your home falls into the price range of $275 to $300,000 you are more likely to get buyer attention if you are priced at $288,000 rather than $300,000. Buyers are still out there but are expecting to get a good price. Do not price at the lower end of the next range, your home will not compare well to homes in a higher priced range.
Be willing to negotiate. Buyers who price their homes at an amount they can’t go below are very unlikely to sell. This does NOT mean price your home high so you can take a lower price. By pricing it right to attract buyers you will get offers closer to your asking price. Even if you get a low offer be willing to negotiate, the longer you keep a buyer’s interest the greater the opportunity to strike a deal that works for you and the buyer. Consider offering an incentive such as $1,000 gas card to the buyer. This sends a subtle message you will negotiate.
The Internet rules. Make sure your broker/agent has a good web presence and knows how to get your home visibility on the internet. Adding it to MLS is not enough in this competitive market. Ask your agent to show you what they do on the internet and look for yourself. Do a Google search for one of their current listings.
Have the home ready for the show. Spend the time to clean, do the windows, remove the clutter and create an atmosphere that makes a potential buyer feel like they could live here. This could be a whole article on its own. Make sure your broker/agent has the experience to guide you and is not afraid to tell you to take down the shrine to your grandmother.
Have a good flyer. Potential buyers who pick up a flyer are much more likely to contact your agent than those that just see a telephone number on a “For Sale” sign. Make sure your broker/agent produces quality flyers on high grade paper. A few black and white photos on 20 lb. copy paper is not the first impression you want a buyer to have.
Provide Information, have a takeaway for showings. Have information about your home presented in a way that answers buyer’s questions before they ask them. If you have additions provide information that tells the buyer when it was done and if it was authorized with a building permit. Deals fall apart very fast when key information is not available. Other important information to provide includes cost of utilities, taxes including neighborhood liens and school data.
Neighborhood marketing is important. Make sure you market to the neighbors, they already like the area and may know people who want to move here. Consider an open house where you invite the neighbors in to take a look and share some refreshments with. Your broker/agent should be willing to help with this.
Price the home to sell and be willing to negotiate. All the other fast selling tenants pale in comparison to this most important rule in today’s real estate market where there are more homes for sale in Sacramento than buyers.
With the election looming, the economy reeling and many families taking a wait and see attitude towards buying and selling it is clear our recovering Sacramento real estate market is entering a period of uncertainty. The only thing certain is there remains homeowners who need to sell and buyers who want to have a home here. If you are in a position where selling your home is important, the above guidelines may be the difference in a successful experience versus lots of work, frustration and no sale.
For more information and for FREE seller’s evaluation please visit me on my website at www.jalone.com or send me an email to juliej@jalone.com. Our team at MagnumOne Realty, where “Our Service Will Move You!,” would love to help.
Julie Jalone is an experienced professional Realtor, with MagnumOne Realty, serving the need of buyers and sellers of residential real estate in the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties. Some of the communities served by Julie include Sacramento, Roseville, Rocklin, Lincoln and Granite Bay. Julie is a wife and mother living in Rocklin. For more information see her website, www.jalone.com, which includes listings, local real estate market analysis, news, resources for buyers and sellers and her daily weblog, “Keep it Real in Sacramento.”
