A Word About Pricing

A WORD ABOUT PRICING

It is true that there are many agents in the market today and your priority is to find the one that suits your family’s needs. These needs should include an agent you can trust to advertise, market, and have a team of experienced professionals to handle any obstacle. They should be willing to communicate with you through the process from start to finish.

First, it is important to me that we get “top dollar” for your home. Finding what “top dollar” is should be our goal!  The whole sub-division benefits by this happening!

Price is an issue that becomes personal to every homeowner. Whether it’s in your sub-division or another across town, every homeowner believes their home should gross a certain amount.  More often than not it is the single most expensive purchase in ones lifetime.  Many elements go into pricing a home.

For example: What is the condition of the home versus other “like properties” in the development.  Square footage of the home is an important factor when figuring “cost per square foot” and your homes location within the sub division. “

Solds” are extremely valuable when determining a price.  It is the barometer by which the public has demonstrated a willingness to spend in a particular area.

Buyers agents can easily retrieve this information through the MLS computer system. They can determine whether a home is “over-priced” and therefore recommend to his or her clients not to view the property. This is the single biggest fear any listing agent will have if he knows a property is over-priced. The agent and the owner need traffic to find the right buyer! These are just samplings of what we must hash over before settling on a price. Another key aspect of the sale is the number of choices a buyer has to consider, in the area they wish to live.  The more homes a buyer can preview, the more competition a seller has. We must be competitive to have a chance to sell. Conditions currently dictate we must be one of the best available prices and set the best possible staging.

In conclusion, let me say every homeowner expects and deserves the most they can get out of their castle.  With correct staging and marketing this can and should be accomplished. But with that said we must be careful to stay within the perimeters of reality and not cross over into fantasyland.  When we breech that boundary all our marketing goes up in smoke, leaving the owners believing the agent did not do their job!  An owner must examine his or her personal motivation and determine how important it is to move the property in a timely fashion.  Secondly, how much time do they have to sell their property, before pricing their home where it should receive ample showing increasing the prospects of a sale.

Contact me:
Ed Bannias, CRS, GRI, ABR, REOS, SFR
Cell:  303.906.0414
E-Mail:  ed@finddenverhomes.com

 

 

The 6 Factors That Control the Sale of a Home

The 6 Factors That Control the Sale of a Home
written by: Ed Bannias

Although they can be stated in different ways there are only SIX factors that affect the sale of a home.

It is important for you, as the seller, to understand who or what has control over them and how they impact on each other.

  • You control 3 of the 6
  • The Market controls 2 of the 6
  • Your REALTOR® controls 1 of the 6

YOU Control

1. Price – You determine list price for your home. However, a list price above the market for homes similar to yours will impact negatively on buyer interest in making an offer. Your REALTOR® will review price history with you to assist you in making a list price determination.

2. Terms – Buyers have requirements just as sellers do. Your willingness to respect them and be willing to negotiate which terms will be acceptable to both parties can have a very positive impact. Price and Terms will usually be negotiated at the same time.

3. Condition – How well you have maintained the home will influence both your price and length of time to sell. The pool of buyers who are willing to make major repairs is much smaller than the pool of buyers who want a home that has been well maintained.

THE MARKET Controls

4. Timing – Economic conditions operate independently of price, terms and property condition. Similarly, seasons and weather factors can affect the time it takes to sell a home.

5. Competition – The number of homes on the market most certainly bears heavily on your ability to sell your home on a timely basis.

YOUR REALTOR® Controls

6. Promotion – From entry into the Multiple Listing System, to internet marketing and any other programs your agent will have an impact on your home sale.

CONCLUSION

No one of the six factors alone controls the timely sale of your home. Your agent should provide you with:

  • Feedback from prospects who have visited your home
  • Changes in market conditions

Your willingness or ability to make adjustments in price, terms or condition based on the information provided will be the final determinant as to how quickly your home will sell.

Please do not hesitate to contact me with any questions you may have.  I am here to help!

~Ed Bannias
CELL: 303.906.0414
EMAIL:  ed@finddenverhomes.com

Pricing in Today’s Market

PRICING IN TODAY’S MARKET

No matter how enticing we make a property appear in an ad or the MLS, we are probably not going to sell it if that property is overpriced in relationship to what is available on the Marketplace during our listing period.

No amount of cost-effective advertising will work on a noncompetitive listing. While a good marketing plan will assist a realtor in marketing the property, by itself it will fail to meet the needs of the client and the appraiser. Therefore creating a lingering dilemma for the agent.

In the end overpricing (the biggest Realtor fear) causes not traffic, no sale and no successful ending.  If you have questions on pricing your home or considering the pricing for a home that you are interested in buying – call or e-mail me.

E-MAIL: ed@finddenverhomes.com
DIRECT LINE: 303.906.0414