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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.





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