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Price your property to sell

Step 3 - Price your property to sell

If you want to sell your property fast, you must price your property to sell. Establishing a realistic price from day one will attract more buyers and bring more offers. Overpricing your property will deter buyers from looking at your property and will cost you valuable marketing time. So be realistic when setting your price and set a price that will attract to buyers.

To determine your property’s fair market value, hire an appraiser or do your own market research. Here are some advantages to hiring an appraiser:

  • Appraisers have access to databases of recently sold properties.
  • Appraisers know how to make accurate price adjustments to reflect your property’s value.
  • Appraisers know the latest market trends and can help you determine whether you are in a rising or declining market.
  • You can use an appraisal to educate buyers.
  • An appraiser can tell you if certain repairs are needed for loan approval.

Common repair issues required by bank appraisers often include missing handrails, leaky roofs, chipping exterior paint, faulty structural, electrical, plumbing, lead paint, asbestos, mold, pest, septic, well and water issues.

If you hire an appraiser, provide the appraiser with a list of improvements you’ve made to your property. Include any important documents that might be helpful to the appraisal process, such as a survey map. Ask the appraiser if a lender might require any repairs. Finally, if you know of any recent comparable sales, mention those specific sales to the appraiser.

Note: Appraisers always try to do the best job they can to find comparable sales, but sometimes comparable sales cannot be found. In this case, the appraiser will have to use his or her knowledge to establish the value for your property. The appraiser will measure your rooms, calculate your square footage, take interior and exterior photos and review properties in comparable neighborhoods. Finding quality comps may be difficult because some properties are unique. If you are not satisfied with the results of your appraisal, discuss it with the appraiser and perform your own market research.

When determining value, buyers often view properties from a different perspective than appraisers, sellers and real estate agents. Buyers purchase properties based on their specific needs. Here are some factors buyers frequently consider: Square footage, lot size, neighborhood quality, age of property, school district, taxes, drive time to work, grounds & landscaping, construction quality, floor plan layout (number of floors), driveway (length, type, grade and condition), household amenities, garage size, pool, appliances, countertops, closet space, fireplaces, family room size, vaulted ceilings, decks, patios, skylights, windows, doors, exterior siding, hardwood & tile floors, light fixtures, kitchens & baths, roof, foundation, heating system, private or public utilities, storage space, workshop, water quality, maintenance required, etc.

It is important to note a buyer’s needs, motivations and financial qualifications often dictate what a buyer will buy and how much he or she will pay. Selling prices on the other hand are often influenced by market supply, property condition and location.

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