There is nothing like working with a professional and experienced real estate agent to make selling your home an exciting and profitable venture! Here are five power packed tips for pricing your home in the South Florida real estate market place. When selling your home, attractive pricing and packaging are arguably the two most basic essentials. In our current real estate market, the buyers have a lot of choices. In many areas, the shelves are simply overstocked. And since no two homes are the same, making that distinction between your home and the dozens of others is key.
1) Recognize that housing markets are local
Home prices are like the weather — very different in different areas. In many markets, home prices have actually gone up from last year, says Dick Gaylord, president of the National Association of Realtors. In addition, demand will change depending on the price range and even the neighborhood.
2) Analyze who is buying and selling in your market
What’s your competition doing?! Who are your target buyers? What are buyers in your area searching for?! It’s important to work with your Galleria International Agent to create a clear cut marketing plan for your target buyer! Your marketing plan should showcase the features of your house that distinguish your property from the other local competition!
3) Work with real estate professionals
During your first meeting with our real-estate agents, ask about the market conditions for your area and price range. Specifically, ask about the “absorption rate”. What that means: In the current conditions with the current inventory, how long would it take the market to absorb, or sell, all the houses on the market? If the supply is much larger than the demand, ask potential agents how they would “price to offset that inventory”.
4) Know what your house is worth
Get an appraisal from a certified professional appraiser. Look at your comparables. Taken together, that information will give you a pretty good idea of what your home is currently worth.
5) Consider strategic pricing
Here’s how it works: If prices in your area are dropping 1% each month, and you want to sell within the next three months, you take 3% off your price right off the bat, says Phipps. So if you were going to put your home on the market for $400,000, you set the price at roughly $388,000. The upside: You’ll have the competitive edge over the guy who’s dropping his price every month, without the air of desperation. Plus, in a market where prices are falling, you’ll make more money if you sell quickly.