Selecting The Right Listing Price
REM #F664
By Ilyce R. Glink
Summary: A reader is selling their home and potential agents have suggested a wide range of asking prices. Ilyce suggests asking a few more agents to give input and visiting other open houses in the area before deciding on an asking price.
Q: We are in the beginning stages of selling our house and have had several
real estate agents out to look at the property.
We received suggested list prices ranging from $170,000 to $250,000.
How do we know how to price our house with such a wide range of advice? Would
you suggest an appraisal? If so, is there a good way to choose an appraiser?
A: Before you hire an appraiser, I’d ask another top agent or two for
your neighborhood to come through and do another comparative marketing analysis.
Then, you have to figure out who seems to be right given your own read of the
market. Go visit other comparable local open houses in your neighborhood and
see how your home compares when it comes to amenities and price. This little
exercise will help you begin to understand what “true value” means
in your neighborhood.
Ultimately, you'll have to make a decision on which agent to hire. I urge you
to choose the agent whose view of the local residential real estate market is
most similar to your own.
If you price your home right, you'll have a lot of traffic and may even sell
for more than the asking price. But price your home even $25,000 too high and
it could wind up sitting for months.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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