Pricing is directly related to the length of time it takes to sell a home and whether it will get sold. It is important at all times but is particularly critical in a buyers market. Below is information on pricing techniques for listings in Salt Lake.
Consider Market Trends
Each local market varies. When you see statistics on the news, those almost always reference national figures. Your specific city can be much different. A local real estate professional can provide a market valuation report which considers sales of similar real estate in your neighborhood and furnish an anticipated price range for your property. This figure will vary regularly, so it is important not to refer to old valuations.
When viewing the market analysis, be aware that it is a range. Where your listing fits within that range is based on the competition and your preferred time frame. As a home owner, it is understandable to feel a sense of attachment to your house and the repairs put into it. Unfortunately, not all people will assign equal value to different features. Expect that it is not often that you will recoup the full amount spent on repairs. Additionally, market values can be impacted by bank-owned homes in the region, which are commonly listed at significant discounts but remain treated as comparable houses. Market valuation is defined as the price that a buyer is offering to pay for a listing during a defined time. It may not necessarily be close to your expectations or exceed what you paid for the property.
Pricing Techniques For Listings In Salt Lake
Listing above the reasonable range can result in valuable time being lost. If the market condition goes down further during that listing time, the listing will actually sell for even lower than it could have if priced accurately from the start. Furthermore, home buyers tend to have a negative thoughts about homes that have stayed on the market for an extended time frame. This is sometimes impossible to get past even after a listing lowers in price later. Overpricing does more damage than good.
Words of Wisdom for Sellers
If the current market value of your home is far too different than what you are willing to sell for, it may be best to monitor the price fluctuations and wait for sales to improve instead of pricing high and letting it sit for months or even years. If you must sell and need to do so within a particular window of time, picking a price appropriate for the real estate market and competitive with current houses will be imperative to achieving your goals. Time and money are related and mis-pricing can be more costly than you expect. For further information on pricing techniques for listings in Salt Lake, contact Gordon Sloan at Group1 Real Estate.