Is the Price Right?
Written by Sherri Williams...
Establishing the correct price is not an exact science although, before pricing, it is important to know the following are guides for establishing prices:
Condition/First Impressions - Buyers often make purchases based on emotions so first impressions are most important. The condition of the property affects the price and speed of the sell, and many times provokes multiple offers providing prices way over asking. But, before you change anything or update in order to sell, talk to a professional. (You may not need to do as much as you think.)
Location — Where you are located is a very important factor in determining price. Not only does that mean, your neighborhood or schools, it includes looking at other houses located on the greenbelt or tucked into a cul-de-sac. These and more are the many faucets that must be reviewed when determining a price.
Pricing/Comparables — People often think "price per square foot" is what establishes price. And, although it should be a factor, pricing needs to be established after a careful look at the present market and all other factors, listed here.
Supply & Demand — One of the last and most important things to look at are how many houses are available "for sale". If there are several, then the urgency or demand is not as great as it would be if there are just a couple or, even better, none. The lack of supply often creates the bidding wars we have in today's market
Timing — Historically in Texas, the hot summer months, especially August and the December are not a great time to sell although it depends on the present market, so, before selling (or not) make sure you take a close look at present market conditions.
It is important to understand all these factors, so call in a professional when you are ready to sell. As I have said before "History has proven that real estate is one of the best investments, so why not make the most of yours?"