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Setting The Sale Price For Your Home

Setting the Sale Price of Your Home

 

 

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When selling a home we all want to get the highest sales price we can.  However there are several factors including market conditions, other homes for sale and how fast you may need to sell.  So how do you do know what price is the highest possible?  Realtor.com answer some of these questions in their online article Set the List Price of Your Home.  They suggest the following factors to consider in first determining your home’s value.

The value of your home relates to local sale prices: The same home, located elsewhere, would likely have a different value.

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Sale prices are a product of supply and demand: If you live in a community with an expanding job base, a growing population and a limited housing supply, it’s likely that prices will rise. However, it’s important to be realistic. If the local community is losing jobs and people are moving out, then you’ll likely have a buyer’s market.

Owner needs can impact sale values: If owner Smith “must” sell quickly, he will have less leverage in the marketplace. Buyers may think that Smith is willing to trade a quick closing for a lower price — and they may be right. If Smith has no incentive to sell quickly, he may have more marketplace strength.

Sale prices are not based on what owners “need”: When an owner says, “I must sell for $300,000 because I need $100,000 in cash to buy my next home,” buyers will quickly ask if $300,000 is a reasonable price for the property. If similar homes in the same community are selling for $250,000, the seller will not be successful.

Sale prices are NOT the whole deal: Which would you rather have: A sale price of $200,000, or a sale price of $205,000 with an agreement that you will make a “seller contribution” of $5,000 to offset the buyer’s closing costs, pay a $2,000 allowance for roof repairs, fund two mortgage points, re-paint the entire house and leave the washer and dryer?

If you are thinking of selling your home or just need to know the value of your home for any other reason, get your home’s value and comprehensive report in less than a minute, which includes local comparable sales at www. greaterphillyhomevalue.com

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