Determining the Value of Your Residential Property
You have decided to sell your property in Palm Beach Gardens and the to-do list has grown into a mountain of paperwork and tasks to conquer.
The decision you have made is life-changing; in fact, moving to a different location is probably one of the most important events of our lives. But there is much that has to take place before the luggage is packed and the furniture is shipped.
The most critical facet of selling your home in Palm Beach Gardens is establishing its price.
Determining the value of your Palm Beach Gardens residential property entails studying the overall residential market and the development of a Comparative Market Analysis (CMA). A CMA will take into consideration your home’s location, key property characteristics and then base its valuation on properties similar to yours, within the same area. Contained in this market analysis are sales of properties that match your own, along with the number of these properties on the market, and their condition. Gathering all of these facts helps to establish a value for your home, and, ultimately, a realistic selling price that will attract buyers and won’t prohibit the home’s sale within a practical amount of time.
Generally, your offering price should not exceed your home’s value by more than 5%, otherwise, potential buyers may be turned away. The profit that you want from your home’s sale does not matter – what the market will bear determines the price. And remember: What you’ve spent on home improvements almost always amounts to more than their added value to the property price.
Another reason to place a realistic asking price on your home: Properties that stay on the market for a long time do not get shown. Price it right at the outset and you will receive the highest proceeds. Remember:
* Too high a price and you will be ignored by prospective buyers.
* Too low and you won’t receive the best possible sale price.
* 88 percent of buyers purchase a home at market value than above market value.
A property priced as close to market value as possible is your best strategy for finding the highest number of buyers and ensuring a final sale price that properly reflects the value of your home.
Timing is Everything
Timing and Pricing go hand in hand when it comes to the Palm Beach Gardens real estate market.
Everyone likes the idea of fresh and new, as opposed to same old, same old. If you want realtors to be excited about your property, then establishing the optimal price at the outset is your best move.
You’ll have the biggest response from potential buyers when the home is first listed on the market – if you’ve priced your house beyond that of similar properties, you’ll miss out on this initial excitement. Worse, your property may stay on the market for longer than it should – people already have seen it, they know what to expect, so they want to see what is fresh and new. If your house languishes on the market, you could receive a final sale price that is below market value. Or, you may lose out on a sale altogether.
To help you through the pricing maze Ann Melendez will provide:
* Timely information on current home-buying and home-selling trends in Palm Beach Gardens
* Price, financing terms and the condition of other properties for sale
You want your house to sell at the best possible price, so you can move forward with your life plans. Rely on an expert REALTOR® to help you realize these plans.