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5 Mistakes When Pricing Your Property.

Posted by ALM on October 10, 2015
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Sure, you want to get the most money for your house when you sell it. But there are many mistakes you can avoid in pricing your property, so you can sell it fast and for the best price the market can offer.

  • Zestimate – The Zillow Group websites offer a link to give you an estimate of your house value. The truth is, once a homeowner puts the house information in that site, Zillow compares the house roughly to others in the neighborhood without any regards to individual improvements. Then, it sells that information to local realtors to contact sellers for possible leads. It is not an accurate system to verify home values, but a sure way for them to see who in the near future might sell their homes.
  • Assessed Value – The city and county where the property is located determines the assessed value of the residence based on its physical structure and the city tax structure. The assessed value is a measurement of the relationship between the properties in a particular town, and their commitment to the tax system, as well as their contribution to the county, schools, and hospitals. It has no real relationship with the market and the true value of a house. Since the assessed value only changes every few years, and the market is constantly changing, these numbers never coincide.
  • Refinancing Appraisal – If you had an appraisal done more than six months ago, it no longer applies to determine the value of the house. Appraisals are excellent way to determine the price of a property if done at the time of listing a property, because if a buyer later comes in with an offer that will contain financing, a bank will also require an appraisal. If the house is priced above the appraisal, the bank will not loan the money and the purchase of the house might not happen. If the seller had the house recently refinanced, it is tempting to use the refinancing appraisal, but there’s a time limit to them.
  • Neighbors Selling their Properties – Unless you had the time to check every single one of them, the view, the number of bedrooms, bathrooms, and the finishes of each one, it is impossible to know if they priced their property correctly. Some neighbors might have priced it too high, and the property sits in the market for a very long time, waiting for the right buyer, which will never come.
  • Wrong Real Estate Agent – We all have done it, to listen to someone we liked, but didn’t have the skills to do the job. Some agents will do anything to get your business, even to list it at the wrong price, and then they won’t do everything that is necessary to get it sold at that price. Some agents don’t have the courage to say that at this moment, the property will not sell at this price, or they don’t have the tools to bring a strong argument and the reasons why your house won’t sell at the price you want.

It is an art to price a property at the right price, and to sell it quickly. It is necessary to review a comparative analysis, communicate the market’s latest trends, and know your area well.

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