Welcome to the SaltLakeCityUtahHomesForSale.com Blog

2015-01-17 12:47:40
SLC For Sale By Owner Can Be Overpriced

Sellers often think about selling a home on their own with the primary objective of saving money. Experience has proven that it can actually cost more than it saves,... for sale by owner can result in overpricing by Salt Lake homeowners. Below are a few things for sellers to consider before deciding sell on their own.

Proper Pricing

The real estate market continually changes. Pricing will determine listing time, what amount it sells for in the end, and if it gets sold at all. Real estate professionals have the resources and experience to help sellers with marketing price based on the specific property, location, and targeted time line, and to adjust it as required based on fluctuating market conditions.

Finding Comps

It all starts with finding comparable properties. Homeowners typically commit a few mistakes at this phase.
1. Looking back to the value of homes in the area and what they went for years ago.
2. Using the value of their own home from a old market analysis.
3. Utilizing different styles or types of properties (i.e. comparing a split-entry to a colonial).
4. Comparing active listings that are overpriced or not selling.

Referencing the wrong homes for comparison will lead to incorrect values and usually overpricing.

Making Price Adjustments

Another aspect of pricing is making adjustments for differences between comparable properties. It is difficult to come across two identical listings, so changes are generally applied for interior space, acreage, and amenities such as parking spaces, bedrooms, fireplaces, condition, and upgrades. Homeowners commonly use the price spent on renovations. Unfortunately, the market value of different features do not often match the cost for them. In fact, certain repairs will not result in any value. Real estate professionals are familiar with what appraisers may calculate for adjustments and will apply those properly when compiling a value estimate on a home.

For Sale By Owner Can Result In Overpricing By Salt Lake Homeowners

Incorrectly priced listings can cost sellers considerable time and money. Properties can sit on the market with little interest or with interest from home buyers that are strictly curious as to why the price is so high. additionally, buyers have a negative perception of properties that have been marketed for a long time and commonly offer less even if the price is later reduced. In a declining market, a property can even be worth less by the time it sells. All of this can cause a for sale by owner listing to go for much less than it could have with the experienced help of a real estate agent. That loss can be higher than what a homeowner thought he or she was saving by going it alone. This For Sale By Owner Can Result In Overpricing By Salt Lake Homeowners information was prepared by Gordon Sloan at Group1 Real Estate. Call Him 801-567-0946.





Blog Archive
2017-03-03 13:33:48
Utah Second For First Time Home Buyers

2017-02-28 12:42:48
Why New Home Prices Are Going Up In Salt Lake

2017-02-19 08:40:47
Berna Sloan & Tooele Real Estate

2017-02-11 06:49:22
Tooele Real Estate From Berna Sloan

2017-02-05 07:19:12
What's Up With Mortgage Rates In SLC Utah

2017-01-28 05:50:18
Buying & Selling Homes in Tooele County

2016-10-16 15:54:54
More Tooele Real Estate News From Berna

2016-07-17 07:45:12
About Real Estate in Tooele Last Week

2016-07-08 10:36:26
About Home Mortgages in Salt Lake

2016-06-05 16:55:31
5 Things To Consider When Pricing Your Salt Lake H

2016-04-16 08:17:18
Tips About Tooele Real Estate & Finding Homes

2016-04-13 11:29:40
3 Common Home Buying Myths In Salt Lake

2016-04-12 13:09:09
Buying a Condominium in Salt Lake?

2016-03-16 11:48:51
Need Help Finding Riverton Utah Homes For Sale

2016-02-23 10:50:39
New Homes in Stansbury Park UT From $250,000

2016-02-16 15:00:25
Find a Riverton UT Home w/2 Kitchens

2016-02-16 04:23:18
Home in Herriman UT w/ Inlaw Apartment

2016-02-11 12:54:58
Herriman UT Homes For Sale on Cul de Sac

2016-02-10 14:53:07
Homes For Sale in Herriman Utah $290,000

2016-02-07 05:44:33
February List Of Salt Lake Foreclosures

2016-01-30 09:00:43
South Jordan UT Homes Listed From $325,000

2016-01-29 06:08:54
South Jordan New Homes Being Built

2016-01-26 08:09:17
Find New Homes To Buy in Herriman UT

2016-01-20 13:36:05
What Suits You Condo or Salt Lake Townhome

2016-01-18 12:04:39
Foreclosures Are Down In Salt Lake

Click here to see ALL articles.

Comment on this Article

Your Name:
Your Email:
Verify:  Please enter the numbers shown to help eliminate spam.