Setting The Asking Price For Your Home-Whats It Worth
As the seller, you are often going to have trouble with setting the asking price for your home. If it’s over priced, it will sit on the market for too long and if it is under priced, you might not get any money back on the renovations you just made.
This is why it is important to consult a real estate agent before proceeding with any sort of real estate decisions. They have all the resources, which you don’t have access to and they can easily find any information they need. There are many factors that you need to consider before setting the asking price for your home and you can do so easily with a real estate agent by your side. You see… the first thing buyers notice when they see the listing is the price of the house. If they find it too high, they don’t even bother to look at the pictures of the house.
Following are two things that you need to do before posting an ad online of your home for sale in Oakland County, Michigan:
Get Free Evaluation
There are hundreds of websites that will give you an accurate estimate of your house based on its details such as square footage, number of rooms, location and more. A free evaluation gives you an idea what your home for sale in Oakland County, Michigan is worth. You can get as many evaluations as you like and then compare the prices. This will give you a solid idea regarding the prices in your neighborhood .
Let’s assume that your neighbor just sold his house. The location and the square footage of the neighbor’s house put your house at equal footing. So, you decided to sell your house at the same price. Months go by and many buyers tour the house. However, none of them come back with an offer. Why?
This brings us to our second point:
Look at the Comps
Comps refer to comparable houses that you can look at to set the asking price that suits your home for sale in Oakland County, Michigan. House that have been sold last month and were identical to yours with no additions can be used as compass. The good news is, a real estate agent has a whole database of comps, which makes it easy for him to help you set the asking price. You can find information on your own too by taking with the locals and other neighbors in your area. In the end, regardless of what the real estate agent recommends, you will have the last say on the asking price. However, it is better to trust the agent because they have sold dozens of houses, which is what makes them experts at their job.
Sometimes, your house might be valued at a lower price than you expected. It’s hard to not get emotional in such a case, but it is also important to think practically in such situations. This is where a real estate agent comes in because they have an unbiased perspective. Looking for a real estate agent to help with your house sale? Visit my website Homes2MoveYou now and contact me for a free evaluation of your home to get an appropriate asking price for your home.
Have you been searching for your dream house for long? Did you find one but the negotiations did not go your way? Your house search is contingent on negotiations… it can either make or break the deal. Of course, your real estate agent will be by your side guiding you throughout the process but at the end, you have to take the final decision.
Often people let go of a great deal on a home for sale in Farmington Hills, Michigan thinking that the price is too high. Until you have looked at the comps and have had a house inspection, do not make any rash decisions. Yes, the negotiating phase is nail-biting because you never know what kind of counteroffer the seller will come up with but you have to keep an open mind, so that the opportunity in front of you does not slip through your hands.
Following are six mistakes that you should know before approaching a seller:
Price Is the Only Thing You Should Focus On
So, you finally found a house that is $10k below your budget. While the price of the house is low but you are forgetting to factor in the cost of repairs and maintenance. Then there’s the landscaping, repainting and most important of all, the roof. Add all these costs to your monthly mortgage payments and the number will reach an astronomical level.
Don’t just look at the sticker price! You might get lucky if the seller is in a hurry to sell the house, which means an even lower price but still, make sure that you look at every feature of the house.
Unwilling To Negotiate on Small Repairs
Say the house has a deck and some of the floorboards are rotten. Instead of focusing on the plus point that it has a “deck”, getting stuck on its repair is not a good argument. You are saving thousands of dollars on the house and the repair will cost you top $100. So, keep an open mind when it comes to small repairs.
Waving Formalities in Negotiations
The home for sale in Farmington Hills, Michigan you just visited is the “one” you have been looking for. Fearing that another buyer might place an offer anytime now, you waive few of the formalities such as a house inspection. Bad move! You don’t know if the basement has termites or the plumbing is faulty. Such repairs can cost you thousands of dollars, which will blow out your budget and your savings account.
Getting Stuck on Your Offer Price
Say the house costs $200,000 and you come up with a counteroffer of $198,000. The seller doesn’t like your offer and won’t budge from his asking price. Are you going to walk away from the deal? You shouldn’t. Say if you have paid 20% down payment and are on a 4% interest rate loan, then the monthly payments will rise by just $8. In the bigger picture, it’s a small amount.
Backing Out of the Deal after the Inspection Revealed a Few Repairs
Are the repairs so big that you feel they will cause a problem in the future? If not, then sit down with the seller and have chat on how to deal with the repairs and negotiations.
Offering a Low Ball Offer
A low ball offer usually feels like an insult to the seller. So, do your homework and ask your real estate agent for comps. Only then come with a price for the negotiations.
Remember, when the time comes to make an offer, look past the small stuff and focus on what matters such as the foundation of the house. If you want to buy a home for sale in Farmington Hills, Michigan that falls under your budget, then visit Homes2MoveYou. Get in touch with me directly at 248-790-5594
Hardly anyone decides to put their own Farmington Hills house up for sale without wondering whether there wouldn’t be a better time to do so. There are a couple of different ways to look at the timing your Farmington Hills home sale—but only one of them is controversial. Timing your Farmington Hills home sale is very important in this tight market when inventory is low and prices are soaring, the process should begin as soon as your ready.
Timing Your Farmington Hills Home Sale Can Be Controversial
Controversial: timing by the calendar. A good number of real estate commentators think that the optimal timing your Farmington Hills home sale is during the spring/summer season. In the residential real estate lexicon that’s the “peak selling season.” Statistics validate their point. Since the majority of transactions are in fact initiated during the good weather months when the sun shines the longest, it might seem to make the most sense.
The controversy arises when it’s pointed out that this notion is so commonly held that timing your home sale to list it during the peak puts you in competition with many more sellers. Peak season proponents don’t think that’s a problem since there are also more buyers in the market. Naysayers counter that house-hunters in poorer weather are demonstrating that they are more committed—by definition, they are better prospects. And so on—and on. The argument isn’t likely to be settled any time soon.
Non-Controversial: timing by your personal calendar. This argues for disregarding the wall calendar in favor of letting your personal situation dictate the timing your Farmington Hills home sale. Financial commentators make the argument that when your home no longer fits your lifestyle, that’s all the timing you need to pay attention to…if your financial ducks are in a row. The seasonal timing debate can be argued either way, but almost everyone agrees that the underlying economics should dictate the final word on timing.
Once your debt situation is in control, and you’re confident that you can afford the move to your next house, the only timing issue remaining is allowing enough of it to bring your current Farmington Hills home up to prime showing condition. Whenever your personal situation aligns to suggests it’s time to start thinking about selling, one timing element I can heartily suggest is to give me a call. We’ll have a no-obligation discussion about if and when to get the ball rolling