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Cover story: Appraisal key to selling price
Question of the Day
“Young professionals do not want a big house with a big yard,” Ms. Bayat said. “They’re more interested in gadgets.”
In other words, do buyers really want a home like yours?
Homes that can be more difficult to price often are one-of-a-kind properties that don’t always blend in with the surrounding neighborhood. This may include larger properties that are surrounded by more modest homes, an older home surrounded by new development, or homes with distinctive features peculiar to a specific owner.
Other homes may feature “adverse amenities,” such as being too close to a busy road, that may affect pricing, Mr. Colton said.
Meanwhile, buyers in the condo market look at their own set of factors when it comes to price, Ms. Steorts said.
“People who are in the market for a condo look at the reputation of the building, the management and whether utilities are included as part of the condo fee,” she said. “They want a conservative board of directors that is financially conscious and keep the property in A-1 condition, but do it in a cost-effective way.”
Buyers in the market for a condo also look at the available amenities, such as whether there is a convenience store, beauty salon or business center in the building, or whether there is a sports facility nearby.
If you don’t have the time or money for a major upgrade, consider offering another reason for the buyer to prefer your property to the others on the market. There are a variety of ways to make your home more attractive pricewise. They include seller incentives, such as covering part of the closing costs, offering rebates to buyers or providing added value, in the form of a year’s worth of home insurance or homeowners association dues.
Even in the best of times, certain homes don’t seem to sell. If this is happening to you, a price reduction may be in order.
Getting feedback from other real estate professionals about how well the property has been showing can go a long way toward making a proper price adjustment.
“It’s really important to keep sellers updated,” Ms. Steorts said. “If other agents feel that something isn’t working, they need to know.”
Just don’t wait too long or drop your price too little. Remember, you are less likely to get the price you want the longer you wait, and a lower price may well get considerable attention.
“If you are going to reduce the price, you should be ready to reduce it by a substantial amount,” Ms. Kline said. “That might mean a drop between $10,000 and $30,000.”
By Andrew P. Napolitano
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