FACTS, NOT FANTASY!
Submitted By: watterson - September 7, 2007
Confused about setting an asking price for your home? It's not surprising, considering the mixed signals you might be receiving about the "national" real estate market. First, understand that there is no such thing as a national market - only thousands of individual markets experiencing different conditions.
If you don't have detailed information about local home sales, it's just about impossible to determine your home's value to buyers. Even prices from just six months ago probably won't hold up, so it's critical to have access to real-time information about trends in this market.
Details should include the total number of properties currently for sale, the number of both pending and sold units, the average listing time, and the average listing price and sale price. You must compare pending sales and final sales, because the pending transactions really reveal where the market is heading (as opposed to where it was when a sale took place.)
Start your pricing decision by contacting a real estate professional, who has access to this information and the experience to interpret the facts. Your representative will not set the price for you - that's your final decision. But don't be surprised if the agent walks away from an overly optimistic asking price, because the agent can't afford to invest time, money and energy in an overpriced listing, and neither can you.
For specific market area details please visit www.MarkWatterson.com or call me 801.815.0411
Mark Watterson is a Principle Broker with Principle Realty Group, Inc and a licensed Senior Mortgage Loan Specialist with Envision Lending Group.