With the flip of the calendar out of January, it is time to get on with the rest of the years agenda. Most folks, your author included, are just happy to survive January in Chicago. However, time marches on, and could take opportunity with it. Right now, it is critical to determine if the window is open, if it will be and how best to take advantage of it no matter what your objectives are in the Real Estate and Mortgage Market.
If you are considering selling, there are several key issues to factor in before you make your big move to put the house on the market. In fact, the first one is how much is the home worth. There are several incorrect ways to come up with a price for your house. Any of these can lead you to mispricing your home and sitting on the market for months with no offer, no buyer and no hope of selling.
1. Setting your price based on your mortgage balance.
2. Setting your price based on what your neighbor sold for in 2006.
3. Setting your price based on what your neighbor sold for recently.
4. Setting your price based on what you paid for your home.
5. Setting your price based on the highest CMA value from a realtor.
6. Setting your price based on your best guess.
The bottom line is that mispricing your house can cost you tens of thousands of dollars. There is no way to calculate the lost time, energy, effort and money associated with doing it wrong. There is one way to do it right. Start with an estimate at epropertywatch.com. You will need a free account but experience shows this to be the most accurate online engine. Then have full time Realtors provide you with a Comparitive Market Analysis. (CMA). Work with the agent that has the most reasonable assessment (not the cheapest, the most reasonable) If too high, they are stretching to get you to list your home with them. If too low, they are hopeful you can sell in a hurry for a quick, easy commission. Pick your price based on the data available today.
Even once you do that you will still need some help. Pick the agent with the best marketing plan. Good luck if you are even thinking of selling for sale by owner (FSBO). Also consider offering a seller funded buydown. More information on this solution, which can help you become hundreds of dollars a month cheaper than the other homes in your area at the same price point can be found here in a five minute video.
You can sell in this market. If you are priced right and have the marketing tools to sell at the ready. Good luck and if you have any questions or concerns, reach out to a member of our team. Contact information is on the left hand side of the page.
