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| The Golden Rule For Pricing Your Property For Sale. By Noel Peebles |
Setting a realistic asking price is where most FSBO home sellers go wrong.
The golden rule in real estate is "Price your property to sell!" Now, that doesn't mean giving your property away for
next to nothing... It just means being realistic and listening to the market. Why? Because, price is usually the most
critical facet in selling a home. Just as you want the best value for your money, your home buyer will want the best
value for his or her money too.
The golden rule in real estate is "Price your property to sell!" Now, that doesn't mean giving your property away for
next to nothing... It just means being realistic and listening to the market. Why? Because, price is usually the most
critical facet in selling a home. Just as you want the best value for your money, your home buyer will want the best
value for his or her money too.
Unless your home buyer
knows something you don’t,
or unless they are stupid, it
is unlikely that any home
buyer will pay more than
what the market says the
property is worth.
Again, there are exceptions
to the rule. For example, in
some cases a “buyer
frenzy” can develop when
two or more home buyers
are chasing after the same
property.
knows something you don’t,
or unless they are stupid, it
is unlikely that any home
buyer will pay more than
what the market says the
property is worth.
Again, there are exceptions
to the rule. For example, in
some cases a “buyer
frenzy” can develop when
two or more home buyers
are chasing after the same
property.
In such cases, the successful home buyer may end paying more than the true market value.
However, generally a property will sell for around what similar homes in the same area will sell for. These are
homes of a similar size, with similar amenities, similar in style, age etc.
MARKET VALUE is what recent sales will tell you your house is worth TODAY!
This is why it is important to price your house correctly. Base your price around what similar homes have sold for
recently, not on some “pie in the sky” dream. It really doesn’t matter what you “want to get” or what you “need to
get”… you home is only worth what someone is prepared to pay for it. Recent sales of comparable properties in
comparable areas are usually the best indicator of what someone might be prepared to pay.
Lets face it; we are only interested in ourselves. It’s the old WIIFM – “What’s In It For Me.” A home buyer really
doesn’t care about how much you might want or need... they really only care what the property is worth to them.
If you over-price your house above the market value then you might be left sitting there with all those other over -
priced homeowners who can’t sell either. In cases like this, the agent usually blames the seller and the seller
usually blames the agent.
Fact is; no two homes are exactly alike and that’s why some are easier to sell than others. For example I sold a
house with magnificent harbor views, 2½ minutes from the city center… it was of a similar size and standard to
the surrounding homes. However, I sold it for higher than market value because, unlike the others, it had drive-
on access for 3 cars. That was the reason I got a higher price.
Rule of thumb is that if a property is in excellent condition, then it should sell close to the full market value. If the
property is not up to scratch, then the sale price is likely to somewhat less depending on its condition.
The price a home buyer is willing to pay will generally reflect the condition of the property. The condition of the
property is something that can often be improved with careful thought and careful use of money.
If a real estate agent is really honest, they will tell you that ‘over pricing’ is usually the number one reason why a
property fails to sell.
Usually the quickest way to get result when selling a property, is to alter the price. If your house has not sold
because of its condition, either fix what’s wrong, or alter your price until it does sell. As any good agent will tell
you, “when priced correctly, a property will sell regardless of condition or location.”
© Noel Peebles, Market Leaders ebooks.
23 Buyer Turn-Offs When Selling Your Home
However, generally a property will sell for around what similar homes in the same area will sell for. These are
homes of a similar size, with similar amenities, similar in style, age etc.
MARKET VALUE is what recent sales will tell you your house is worth TODAY!
This is why it is important to price your house correctly. Base your price around what similar homes have sold for
recently, not on some “pie in the sky” dream. It really doesn’t matter what you “want to get” or what you “need to
get”… you home is only worth what someone is prepared to pay for it. Recent sales of comparable properties in
comparable areas are usually the best indicator of what someone might be prepared to pay.
Lets face it; we are only interested in ourselves. It’s the old WIIFM – “What’s In It For Me.” A home buyer really
doesn’t care about how much you might want or need... they really only care what the property is worth to them.
If you over-price your house above the market value then you might be left sitting there with all those other over -
priced homeowners who can’t sell either. In cases like this, the agent usually blames the seller and the seller
usually blames the agent.
Fact is; no two homes are exactly alike and that’s why some are easier to sell than others. For example I sold a
house with magnificent harbor views, 2½ minutes from the city center… it was of a similar size and standard to
the surrounding homes. However, I sold it for higher than market value because, unlike the others, it had drive-
on access for 3 cars. That was the reason I got a higher price.
Rule of thumb is that if a property is in excellent condition, then it should sell close to the full market value. If the
property is not up to scratch, then the sale price is likely to somewhat less depending on its condition.
The price a home buyer is willing to pay will generally reflect the condition of the property. The condition of the
property is something that can often be improved with careful thought and careful use of money.
If a real estate agent is really honest, they will tell you that ‘over pricing’ is usually the number one reason why a
property fails to sell.
Usually the quickest way to get result when selling a property, is to alter the price. If your house has not sold
because of its condition, either fix what’s wrong, or alter your price until it does sell. As any good agent will tell
you, “when priced correctly, a property will sell regardless of condition or location.”
© Noel Peebles, Market Leaders ebooks.
23 Buyer Turn-Offs When Selling Your Home
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