Selling your House
Correctly Estimating Your Home Value
The consequences of making the wrong decision when determining the appropriate price of your home when you decide to sell are painful. If you price your home to low, you will literally give away thousands of dollars that could have been in your pocket.
Price it too high, and your home will sit unsold for months, developing the reputation of a “problem property” (everyone will think that there is something wrong with it).
Failure to understand market conditions and properly price your home can cost you thousands of dollars and cause your house to stay unsold, potentially ruining your near term plans. Setting the proper asking price for your house is the single biggest factor that will determine the success or failure of your home sale in Staten Island’s real estate market.
Utilizing the latest computer technology and our in depth knowledge of the Staten Island real estate market, we will analyze current market conditions in combination with your personal time requirements to identify the correct price range for home sale.
Home Value Guidelines
The value of your property is determined by what a ready, willing and able buyer will pay for it in the open market, which is based upon the value of other recent closed sales. In essence, buyers determine the value.
- What you paid for your property does not affect its value.
- The amount of money you need to get out of the sale of your hose doesn’t not effect its value
- What you think it should be worth has no effect on value
- What another real estate agent say your property is worth, does not affect its value
- An appraisal does not always indicate what your property is worth on the open market
Do not automatically list with the agent who provides you with the highest price estimate. According to Consumer Reports
“Expect the agent to suggest a price range, but don’t let that frame you in. Be aware that some devious agents will, at first, suggest a very handsome price. Then, after they have a listing and the house hasn’t sold, they’ll come back with a pitch to lower the price”’
Location of your home
The pricing of your home must reflect its location. The better the location, the higher the acceptable price that you can sell your house for. School districts, high or low traffic, and highway accessibility, all need to be considered when determining the effect of your home’s location on its value.
Condition of Your House
The pricing of your house must accurately reflect its condition. The general upkeep and presentation of your home is critical to obtaining the highest value for your home. The condition of the roof, plumbing, carpets, appliances and paint all relate to the value added or subtracted of your home value.
Real Estate Market Conditions
Recession, inflation, interest rates, mortgage availability, competition, and the public’s perception of the general economy all contribute to the general state of the local real estate market. It may be a buyer’s market or a seller’s market. The pricing of your home must reflect the current nature of the market because we cannot influence the market, but instead are influenced by its current state. We can, however, take advantage of the market.
Acceptable Financing Terms
The more financing terms and options you accept, the more potential buyers there will be for your property. The pricing of your home must reflect the terms available. The easier the terms, the more valuable your property becomes.
Contract & Negotiation
When an offer is presented on your home, you will have three basic choices in deciding how to respond.
- Accept the offer
- Reject the offer
- Make a counter offer
Together we will thoroughly analyze the offer, and discuss its strengths and weaknesses. After studying the entire contract, we will give you our recommendations, and then you will decide how to respond.
This is where a competent agent can be worth their weight in gold, because having the right wording or contingency clause in the contract can mean the difference between a smooth transaction and a messy court battle.
Being intricately familiar with real estate contracts, we know how to protect your best interests. Our vast experience in contracts and negotiation will benefit you!