San Antonio Board of REALTORS®
By: Mary Ann Jeffers, Chairman of the Board
When pricing a home to sell, it’s tough to know where to start. You inevitably have your own emotions wrapped up in your home based on memories, renovations you’ve made over the years or the fact that you have a personal preference about the style. However, when determining what price to set when you’re ready to sell, pricing appropriately in the beginning is crucial and your REALTOR® can help you navigate the process. REALTORS® are experts on home pricing and know the local market.
One of the biggest blunders sellers make is pricing their property based on what they paid for the home. Basing your price on what profit you want to make is also a mistake. Your REALTOR® will advise you on what the current market value of your home is and he or she can help speed up the process and make it go smoothly. Remember, real estate is local. Even something as simple as where your house is on the street can affect sales price. If the houses on the cul-de-sac have bigger yards and get less traffic, they may be priced a little higher. Homes located on busy streets within the neighborhood are typically priced a bit lower. Bigger factors like the location of the neighborhood, neighborhood amenities and school zones also affect home values. REALTORS® can provide local community information on schools, utilities and other area features you may be looking for.
Beware of Overpricing
Another common mistake is pricing a home too high and then lowering it periodically. Overpricing can have damaging effects on the final sales price of a home. Some sellers might think this practice will yield the highest return because lowering the price in small increments will keep the property at top dollar. In actuality the opposite is true. Homes that are priced too high will turn off potential buyers who may not even consider looking at the property. Other buyers might stop by to look but never put in an offer. If you receive no offers because of an inflated asking price and your home is just sitting on the market, you will most likely sell it for less than you would have if it had been priced appropriately from the beginning. Home buying and selling can be an emotional undertaking. Having a concerned, but objective, third party will help you stay focused on both the emotional and financial issues you find most important. This is one of many reasons using a REALTOR® is so beneficial when dealing with real estate transactions.
Who Can Help
REALTORS® are experts when it comes to real estate. They adhere to a Code of Ethics that holds them to a higher standard of professional behavior. REALTORS® are also required to take continuing education every year to better serve you and your housing needs. The home buying and selling process can be scary with so many contracts, terms and conditions and having an educated real estate professional on your side will help you. One of the biggest benefits of using a REALTOR® is utilizing their advice. When it comes to price, your San Antonio area REALTOR® uses a comparative market analysis to decipher what the best list price is for your home. Your REALTOR® can also help you make an offer on the purchase of a new home and let you know what a fair market value offer might be for that particular property.
Whether you’re buying or selling property, working with a REALTOR® can make a huge difference in the level of professionalism and skill you’ll receive during the process. You’ll enjoy a smoother transaction by working with a knowledgeable practitioner who puts the needs of his or her clients first. If you need help buying, selling or renting in San Antonio and the surrounding areas visit SABOR.com where you will find the most up-to-date property search tools and much more.
For more information visit www.sabor.com.