How much could you sell your house for in today’s market?

To begin with, you need to a thorough Market Analysis, including a Competitive and Comparative Market Analyses and the Absorption Rate for your area. It is also something that you need to keep up-to-date with since market conditions can change rapidly and often.

The competitive market analysis gives you a look at your competition by showing you the current list prices, for houses like yours, in your area. If houses, like yours are selling for less than you think that they should, you should dig into this and see what is happening that is affecting prices.

The comparative market analysis looks at the sold prices, including seller contributions to buyer closing, for houses that have sold recently. The sold prices include houses, like yours, that have sold within the past three months.

The absorption rate is used to give you an idea of about how long you can expect for your house to be on the market. If you list your house and don’t get showings or your get showings and no offers within the first week, you may need to reevaluate your list price and have your REALTOR® ask questions of the showing agents as to how the buyers felt about your property, it’s condition, curb appeal, location, and anything else that might give you insight as to what steps you need to take to get your house sold. Read my guide for How to Sell Your House Fast for some ideas about preparing and marketing your house..

The entire scope of your property and area should be taken into consideration, as well as market trends. Are house prices going up in your area? Are they declining or staying relatively constant? How are the schools that your house is zoned to? How is the condition of the subdivision and surrounding area?

If you would like assistance or information about buying, selling, or leasing real estate, just full out the form below, with the necessary information and any comments or other information that might be helpful and I will get back to, via email, today.

Marketing Your Home 

The Market Price of your home is based on the price of recently sold properties, like yours, in your area, rather than the list price of properties now on the market or what you paid for it, or how much you need to get out of the sale.

The things that affect your property’s sales price are:

Location – Location has always been the number one consideration for buyers when they want to purchase a house. Proximity to work, shopping, good schools, neighborhood condition and age, safety and security, sounds,sights, and smells, and appreciation or depreciation of properties, are some of the main attributes of a desirable community to live in.

Property Condition is very important, as well. If it is not in top condition, it will not get a top offer.

• A house should look good and smell good. Anything that is broken should be fixed.
  Old carpet should be replaced. Paint should be in good condition.
• The major areas of concern are the Roof, the Foundation, the Air Conditioning System, the Plumbing and Water Heater, the Electrical Systems. Get them checked out before listing.
• If your roof is 10 years or older, consider replacing it or offering a contribution to the buyers to compensate. Get is inspected by a reputable roofing company to determine the condition and get an estimate as to the life left in the roof before it will need replacing.
• If your A/C is 10 years old, or older, make sure that it is checked out by a professional and put in good working condition.
• Get a home warranty in place before you list the house for sale in order to help the buyer with the cost of repair of covered items, if any covered systems should fail during the first year after the sale.
• The exterior should look good and be kept in good shape to help curb appeal.
  Trim shrubs, mow the lawn and keep it watered in months where there is less rain, mulch the flower beds and trees. Pressure wash the driveway and sidewalks as well as the brick exterior, especially is there is any sign of algae that causes an unsightly green appearance to the wall and concrete.
• If you are not occupying the house, keep the A/C system running, at a comfortable level to make buyers want to stay and look around and, more importantly, to prevent pipes from freezing or mold or mildew from growing. Turn off the water to the house. This will prevent freezing of the water in the pipes during winter and will also prevent the accidental water damage that can be caused by visitors that turn on faucets and leave them running. Sinks and tubs can overflow causing lots of damage.
• Get a Pre-Listing Home Inspection before you list you house for sale. Head off problems that might come up during the option period when the buyer has an inspection done and problems are found. This is a major problem that causes many contracts for fall apart or the seller is forced into reducing the sales price because there is not enough time to fix the problems before closing.

The local Multiple Listing Service is the best source for obtaining data for recent sales, in your area. Your REALTOR® can provide you with this information and go over it with you so you understand how it affects the price of your house.