Things to note when pricing a property

When you are ready to put your home on the market, there are factors you should remember in order to price it at the right value. Prior to selling your home, knowing the conditions of the market will greatly help. Below are some tips to help you maintain some realistic measures for fair market value.

Understand That Housing Markets are Local

The prices of real estate differ for each region. This is the gist of this tip. People who market San Antonio homes must understand that like the weather, property prices are not the same for each area. Sellers should remember the type of terrain their homes are built on, and should consider the type of home they have as well. Check all of the San Antonio homes for sale in your area which are similar to what you are selling. Make this the starting point of your home’s value, and not the price you wish to have. Remember that buyers also make this their starting point as well. Therefore, it's best to keep this in mind when setting the price.

Who is Buying and Who is Selling

Try to see who the possible buyers of your home will be and who else is selling within the area. Make sure that you have sufficient knowledge in understanding the number of home buyers for your area. Example: A Fortune 500 company may be moving into the area creating numerous jobs at which point you could apply the rule of supply and demand. We are currently in a buyer’s market. This means there are more sellers than buyers, so you do not have the luxury of pricing your home above what the market will bear. If the scenario were reversed, meaning you were in a seller’s market, you could increase the price of your home above market value.

Consult With the Experts

Don't believe you're the expert in the field. San Antonio REALTORS® are still the ones who know better. You should consult with them, and ask them about data for your area. Specifically, inquire on the absorption rate. The absorption rate is the rate or length of time a property is absorbed into the market. By learning and knowing this you may fix all necessary elements in order to keep your absorption rate lower than the norm. You must ensure that your property will be marketed while it's still fresh. After all, you are the one who will get disheartened if it gets stuck on the market for a long time. Don't hesitate to ask your real estate agent how they will price your home. Work with them, and from there you can base your property's price. Remember, the first two weeks are your best opportunity to shine, after that you blend in with the rest of the homes that have been on the market and the status on MLS changes from “new” to “active”., throwing your home into the masses.

Know the Value of your Property

Like what was earlier mentioned, there's nothing wrong with interviewing San Antonio REALTORS®, and selecting one to work with. Have your real estate agent run Comps for the area. By doing this, you will have an idea of what the current homes are being priced at, and know what homes have sold for. Utilize these Comps as a reference point for your pricing. Compare them with one another, and read what features the homes had that your home may or may not have. Afterwards, compare them against your expectations. Be careful though, there is such a thing as over improving your home for the market. This means, installing granite counters, when the majority of the homes have formica, or wood floors when the neighborhood norm is linoleum - you won’t recoup your costs!

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