How to Set the Best Price for Your House

 

Real estate concept

Establishing a price is one of the most important aspects of the home-selling process. You want to receive as much money as you can for your property, but if you price it too high, you run the risk of driving buyers away. When setting a price, it would be wise to seek advice from a real estate agent, someone who knows the market and can gauge what would be an appropriate price. Although you’ll be using a professional, you’ll probably feel like having some input regarding the price, so here are some tips on how to successfully price your house.

“Setting the right price is like a perfect balancing act between the seller and the prospective buyers,” said Elizabeth Whiston, real estate salesperson for Better Homes and Gardens Rand Realty’s office in New Windsor, NY. “Hopefully, the price is acceptable. But, if the seller would like to start at a higher point and it is not totally unreasonable, I would list their property at the higher price. I would have an open house the first weekend after taking the listing with the understanding that if no one shows up for the open house and no one has called about the property, the price should be adjusted.”

Before you settle on a price, it’s important to study the housing market, which will tell you what you need to know about current real estate trends. A working knowledge of the market is one of the best tools you can use when determining an acceptable price. Of course, your agent will have a lot of information to offer regarding the market, due to their considerable experience in the real estate industry. Because of the kaleidoscopic nature of the housing market, it’s recommended you seek the help of an agent to assist you with pricing because they will always be on top of the present changes within the industry.

In terms of agents, it would be more beneficial to use one who’s local. That way, you will be working with someone who is familiar with your neighborhood and those around it, and they will be able to compare the prices from other properties on sale and gauge what some buyers are currently paying. A local agent will have an extensive knowledge of what houses typically sell for in a given area, so they will be able to provide you with a price range that may be attractive to local buyers.

It will also help to be patient. After all, it’s a virtue. Don’t rush your house to the market with the highest price you think the property is worth. If you use a high price first, buyers will feel apprehensive about considering your house. This will cause your property to stay on the market longer. The trick is to wait until you and your agent have figured out an appropriate price for your house, and then place it on the market. There’s always room for your agent to negotiate if a potential buyer thinks the asking price is still a little high, but at least it will look better if you establish a realistic price right at the beginning, instead of trying your luck first with a price that won’t be appealing to buyers.

Setting a price for your house isn’t just important, but it can also be fairly tricky. You may be split between pricing the house for however much you think it’s worth and how much it’s actually worth. The price you set for your house is going to either make or break the success of the sale, so by using your and your agent’s combined knowledge of the real estate market, you can figure out the best possible price for your house. Like a fish to a worm, once you hook the potential buyers with an attractive price, you’ll start reeling them in!

To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.

 

Sources

www.wsj.com

www.usatoday.com

www.realtor.com

www.kiplinger.com

www.investopedia.com

www.hribar.com

Posted on November 25, 2015 at 11:21 am
Rand Realty | Category: Rand Country Blog | Tagged , , , , , , , ,

Mistakes to Avoid When Selling a House

 

Small house for sale on white background. 3d rendered image

Last week, we discussed the mistakes you should sidestep when buying a house. This week, we’ll transition to the other end of the spectrum and talk about the mistakes to dodge when selling a house. With this task being as significant as buying a house, you have to make sure to be every bit as diligent when you place your house on the market.

Curb appeal is essential. As soon as a potential buyer drives up to your property, you want them to feel excited about going into your house. But, if you don’t spruce up the exterior, it may turn away the buyer immediately, and you don’t want a buyer skipping your house before they even place a foot in the door. By neglecting to improve your curb appeal, it may send the buyers a message that you don’t upkeep your property on a regular basis, not just on the outside, but also on the inside. You’ve heard that first impressions are everything when it comes to meeting new people, and this notion applies just as strongly when it comes to properly maintaining your house for a buyer.

Never withhold any information from the buyer, such as your house having issues with pest infestations or leaking pipes. You should always make sure your agent is aware of any and all issues so they can disclose that information to the buyer. Place yourself in the shoes of the buyer and think to yourself that you wouldn’t want a seller keeping any important information to themselves if you were trying to purchase a house. If you choose to keep some details to yourself about the house’s faults, you’re setting yourself up for a very rocky negotiation, and even some possible legal troubles. The final buyer is putting a considerable amount of money into your house, and it will be very unfair to them if they are not given all of the necessary information before making an informed decision on your house.

If you have a pet or child, you know they’re prone to creating a mess every so often. However, you want to make sure your house is clean before an open house or a private showing. It’s important the buyers are able to envision themselves living in the house, but if there is a mess that gives the hint of pets or children, it will take the buyers out of their visualization. When you take your children out of the house during an open house or private showing, either take your pet with you, or place it somewhere in the house where it won’t be in the way of the agent and buyer. With these buyers taking the time to visit your house, it’s your responsibility to clean the house so they can see the house appearing at its best.

Speaking of buyers envisioning themselves in your house, this will be easier for them if you de-clutter your house. When you forego getting rid of your house’s clutter, the buyer won’t get a clear idea of the exact space a certain part of your room may have, such as a buyer taking a look at your closet, but not knowing exactly how the space looks because of your clothing taking up too much room. Although you’re still living in the house when it’s being shown, the buyers don’t want to be constantly reminded of that fact as they are looking around at someone else’s house, so remove any clutter that may prevent a buyer’s ability to imagine themselves in the home. De-cluttering will also allow a buyer to move around more freely without the worry of disturbing anything.

As far as pricing is concerned, this is probably the biggest pitfall of the home-selling process. You must realize you and your buyer are going to view the house’s price differently. Seeing as you don’t want to set a price too high in the beginning and turn away buyers, use your agent to help figure out a realistic market price that will attract buyers.

When you’re selling a house, you want to make sure everything goes right because you’re parting with something that has been an important part of your life. I know these mistakes may be worrisome, but if you take your time during the selling process and seek help where you need it, you’ll be fine. Just collaborate with your agent, establish the best course of action, and sell, sell, sell!

To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.

 

Sources

www.realtor.com

www.forbes.com

www.chearsheet.com

www.homebuying.about.com

www.time.com

www.trepryor.realtytimes.com

Posted on November 18, 2015 at 10:34 am
Rand Realty | Category: Rand Country Blog | Tagged , , , , , , , , , , , , ,

Mistakes to Avoid When Buying a House

 

Real Estate, House, Sale.

Buying a house is a life-changing event, so you have to be careful to dodge mistakes that could cause setbacks in the home-buying process.

In the beginning, you have to make sure not to hire the wrong agent. Just because someone might be a niece, nephew, friend, friend of a friend, or have any other connection with you, that doesn’t mean that person will work best for you. If you want the home-buying process to flow smoothly, you want to make sure your agent is communicative and dedicated to their work. Hiring an agent just because you may have a pre-established association with them doesn’t mean they’re the right agent to use, and a mistake like this can derail the process shortly after it begins. You shouldn’t feel obligated to work with someone just because you know them. The home-buying process is a fun, but serious task, and you want to have the most qualified professional on your side to guide you through it.

Although looking at houses is the most fun part of the process, you can’t jump into it right away. First, you have to figure out how much the bank will loan you for a mortgage and get pre-approved. If you visit some properties prior to your pre-approval, you may be disappointed to find out they are out of your price range. I understand you’re excited about house hunting, but getting pre-approved for a mortgage is an important task to accomplish before you start visiting houses. Plus, having a pre-approval is a sign of determination that will show sellers you are taking the process seriously, which will help you stand out from other potential buyers.

Similar to when you’re buying a car, never settle with the first “perfect” house you see, no matter how much you like it. If you do this, you’ll likely miss out on other possible houses that might have met your needs and interests. It’s recommended you keep an open mind about the several housing choices you have, instead of lunging at the first house that fits your criteria. I know the home-buying process isn’t something you want to prolong, and ending the process might be tempting if you find your dream house right away, but quickly attaching yourself to a house will likely do more harm than good, so visit a few houses before making your choice. You’ll feel a lot better having done so, and it’s always best to have multiple options.

Speaking of wanting to speed up the buying process, buyers might sometimes choose to skip the home inspection in order to make their offer more appealing to the seller, which the sellers will like if they’re trying to hide any problems. Foregoing the inspection is something you should not do. A home inspection is very important when it comes to buying a house because the inspector will go through the property to make sure everything is in working order. If you skip this step and it turns out the house needs repairs, you’ll have to spend money to fix these problems, on top of having already bought a house for hundreds of thousands of dollars. Please forgive the cliche, but this is a sort of don’t-judge-a-book-by-its-cover situation because, although you are drawn to the house based on the details that are more apparent, you need a professional to find if there’s something you would have normally missed in your walkthrough.

The real estate market is an unpredictable beast, and no matter how favorable it may look one day, you can never tell how it’s going to present itself the following day. Even if it looks like you’ll be paying a great deal on a house, you might feel compelled to wait and see if the price drops. While you may like playing the odds, waiting for a price reduction may result in hurting your chances on buying your preferred house, or even losing it to another buyer. The housing market is constantly changing, so leaving the possibility of a good price now for a better price later isn’t the wisest choice to make when dealing with something as big as a housing purchase, especially if there’s a chance of someone else swooping in and taking the house you wanted.

When you buy a house, one of the last things you’ll probably think about is selling it at some point down the road. However, considering this actually makes a big difference. When you look at a house, you have to think about the possibility of selling it later on in your life. After all, it’s better to be safe than sorry. You never know, you may need a bigger house to raise a family, maybe you’ll have to move because of a job transfer, or you may find yourself wanting to downsize. In life, anything can happen, and it’s this reason why you should think about the resale value of a house before you purchase it.

As a homebuyer, you want to find a house that’s as close to your liking as possible. While the prospect of searching for a new house is fun, you can’t let that excitement make you forget the important steps you have to take in order to prevent any mistakes from being made. There’s a lot of time that goes into the home-buying process, and diligence is key. If you work hard to evade any blunders that may get in the way of your search for a new house, your commitment to the process will be very worthwhile.

Come back next week when we discuss the mistakes to avoid when selling a house!

To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.

 

Sources

www.inman.com

www.money.usnews.com

www.home.howstuffworks.com

www.rismedia.com

www.bankrate.com

Posted on November 12, 2015 at 9:59 am
Rand Realty | Category: Rand Country Blog | Tagged , , , , , , , , , , ,

Why You Should Hire a Real Estate Agent to Help Sell Your House

Real Estate Agent.

Selling a house is one of the biggest undertakings you can face in your life, which is something I’ve been saying a lot, lately. But, it’s one of those things you really need to realize when you’re about to list your home. As you’re getting ready to do so, you also have to think about contacting an agent. An agent will be a tremendous help during the selling process, so here are some reasons why you should hire a real estate professional.

When you hire an agent, you won’t need to worry about having your time consumed by the responsibility of being available when a potential buyer wishes to see your house. With an agent, you’ll have a lot of assistance because they will be showing the house for you. Besides personal showings, agents will be able to host open houses where buyers and other agents are invited to tour your house. This way, you’ll be able to get multiple potential buyers in your house at one time and obtain a better idea of how much interest your house is generating throughout the community.

When you have an agent on your team, they will be able to gather feedback from the potential buyers about your home. Normally, the buyers will provide their opinions to their agent, who will relay that information to your agent, who will then bring that information to you. This way, any awkwardness is left on the sidelines, and you will be able to receive honest opinions from the buyers because they won’t have the pressure of having to give their feedback directly to you.

Marketing your home properly is extremely important. By having an agent on your team, they will be able to attract attention to your house through their list of contacts and marketing capabilities. As with any line of business, contacts are everything, so if you want to have the best chance at selling your house, hiring an agent with many contacts will give you a shot at meeting the results you’re looking for, and in a timely manner as well. With the technology we have today, the ability to reach hundreds of people is at our fingertips, and an agent will use that digital advantage to notify consumers that your house is on the market and waiting for an offer. Given how most people today use the Internet as their main tool for researching real estate, it’s a no-brainer your agent will work to attract buyers through computers, mobile phones, tablets, and other devices. With online tools, such as MLS websites and social media, your agent is likely to find a wealth of interested buyers. But, although we’re living in a world that’s becoming increasing electronic, additional marketing tools, such as flyers, brochures, and newspaper advertisements still hold power in the real estate industry.

Determining your house’s selling price should be left up to an experienced professional. You will most likely harbor great memories of your house and price it to what you believe the value is based on your emotional attachment. The seller’s agent will come with comps of similar houses in your area, which will show the length of time these homes have been on the market, how much they are listed for, and how much they sold for. All of this will help when determining a realistic market price. Additionally, when you have an agent working with you, they will be able to add positivity to any negative feedback potential buyers may have about the property, and will possibly help with a resolve on a situation.

Real estate agents are professionals, so they know what they’re doing and won’t steer you wrong. They are at your service and will assist you however they can. When selling something as significant as a house, placing it in the care of a real estate professional is the first step to a successful process. If you want to have the best experience you can when selling your house, do yourself a huge favor and hire an agent.

To learn more about Better Homes and Gardens Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.

 

Sources

www.investopedia.com

www.anthonystokespereira.com

Posted on November 3, 2015 at 12:08 pm
Rand Realty | Category: Rand Country Blog | Tagged , , , , , , , ,