HOW DO I MAKE SURE MY HOME SELLS AT THE RIGHT PRICE?

We all want to make sure we get the most out of our home.  But establishing a reasonable (as well as profitable) listing price for your home is perhaps the biggest challenge for every home seller.  Before coming up with a final figure, many sellers wonder: Did the the neighbours get what they were asking?  (My home is so much nicer I must be worth a lot more than they got... ) Can I jack the price up and get more? I can come down but I can't go up is the anthem heard again and again as a Realtor.  The thing to remember is that the first two weeks on market is the highest impact and attention from Realtors that your home is likely to see.  If you are priced right for the market during this period you are at your best opportunity to get a quick sale at a top price.

Sellers waiting through this period overpriced pay the penalty of losing the attention of the markettplace.  By the time sellers decide to adjust their price they are no longer in the limelight.  The professional Realtors at Coldwell Banker Border Country Realty recommend taking the following steps before setting an asking price.

Choose the Right Sales Associate: While many people use a friend or relative's referral to select a sales associate, Make sure you feel the Realtor you have chosen will properly represent you in the Real Estate transaction.  Does your Realtor listen attentatively and hear what you really want or need?  What are their marketing strengths and weaknesses?  Do you feel comfortable and at home with your chosen Realtor? Does the Realtor seem to understand the local Real Estate market?  Do they seem upfront and straight forward with you?

Remember the choice of Realtor is yours there is no right of first conversation.  Invite several sales associates to show their listing presentations. Pay attention to their plan to market your  home, and find out the reach of their personal website and/or their company's Web site. Also, make certain the home will be listed on the multiple listing service (MLS) and inquire about how broad their real estate contact network is.

Do The Homework. Ask the real estate sales associate for a written comparative market analysis (CMA). This will provide you with a list of recent sales prices of similar homes in the area (with comparable numbers of bedrooms, baths, square footage and lot size), the asking prices of homes currently for sale nearby and other important information. Then your sales associate will provide a professional estimation of a legitimate selling price. Between this opinion and your own input you can now establish an ideal starting point.

Take the Emotion Out of the listing process. While you likely have a great affection for the home, the sales associate will be able to assist you in setting the price without emotion taking part in the strategy and marketing of your home. He or she will then assist you to evaluate the location, condition and size of the home.  (A house in a secluded, exclusive area may appeal to some, while others will want to be closer to schools, shopping and health care facilities). What is the physical condition of the home?  Is it a fixer-upper?  Does it make a good first impression?  What about Curb Appeal?  Will it appeal to a growing family, or is it better suited to empty nesters?

Set your price to reflect the current market conditions (it is currently a buyers market in November 2008). Your home's inventory, current mortgage and the economy play a role in determining whether the buyer or seller has a negotiating advantage. Interest rates currently remain at historically low levels.   Plan NOW to buy the house of your dreams while the market is in favour of buyers.

Do the Math. Do not forget to figure in closing costs, legal fees and other selling expenses when determining the selling price. Your sales associate should be able to provide cost estimates, and negotiate with a potential buyer to ensure a good sale price. Give it the once over.  There is one more step to ensure that the house sells for your price, (or more). Do as much as possible to improve the home's appearance: touch up the paint, fix leaks, seal any cracks, clean up the clutter, and eliminate pet odors. Your house has only one chance to make a first impression.

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