For Sale By Owner Overpricing By Waltham MA Sellers

Home owners often contemplate marketing a home on their own with the sole goal of making more money. Experience has proven that it may actually lead to less savings than hoped,… for sale by owner overpricing by Waltham MA sellers. Below are a few things for sellers to consider before making the decision to sell by owner.

Getting the Price Right

The real estate market continually fluctuates. Pricing may affect how long it remains on the market, what amount it ultimately sells for, and whether it gets sold at all. Real estate agents have the knowledge and expertise to assist homeowners with marketing price based on their particular property, location, and desired time frame, and to adapt it as necessary for changing market conditions.

Property Comparisons

It all starts with identifying comparable properties. Sellers usually make several mistakes when it comes to this.
1. Looking back to the value of properties in the neighborhood and what they sold for years ago.
2. Referring to the value of their own home from a past market analysis.
3. Selecting varying styles or types of homes (i.e. comparing a ranch to a colonial).
4. Pulling up active listings that are overpriced or not moving.

Using incorrect listings for pricing will result in incorrect pricing and typically overpricing.

Making Price Adjustments

Another aspect of pricing is making adjustments for differing amenities. It is nearly impossible to find two identical listings, so adjustments are traditionally made for square footage, acreage, and amenities such as parking spaces, bedrooms, fireplaces, condition, and renovations. Sellers naturally reference the price paid for renovations. However, the resale value of different repairs rarely match the cost for them. In fact, certain features will not add any value. Real estate professionals are educated on what appraisers may apply for adjustments and will calculate those properly for pricing.

For Sale By Owner Overpricing By Waltham MA Sellers

Overpriced listings will cost sellers valuable time and money. Listings can sit on the market with no interest or with activity from home buyers that are strictly wondering why the price is so high. Furthermore, home buyers have a negative perception of listings that are marketed for a long time and are likely to pay less even if the price is later reduced. In a down market, a home can even be worth less by the time it actually sells. All of this leads a for sale by owner property to go for significantly less than it could have with the experienced help of a real estate broker. That loss could be higher than what a homeowner thought he or she was saving by going it alone. This For Sale By Owner Overpricing By Waltham MA Sellers information was published by Jeanne Umbrello at Wal-Lex Realty.