Saturday, August 15, 2009

Selling Your Home in Tulsa – Can you and your Realtor agree on Price?


We have many “values” floating around. We have your taxed assessed value which is public record, and you may have a bank-appraised value. Then there’s the neighbor down the street who sold his home for $xxx, and you know your home is nicer than his. Then your son jumped on the internet and determined your home value on Zillow.

We have a tendency to take the price we paid for our home, then add the cost of each improvement made – although some of those “improvements” would fall into the category of “maintenance.” Of course, we want to factor in an amount for sweat equity and profit. Lastly, it’s our nature to want to add a few dollars for negotiating room.

Although we may be selling used homes, we’re not selling used cars. It’s critical to your home selling success to price your home correctly from day one.

Your Realtor should be able to provide you a list of comparable properties that have sold in your neighborhood in the last six months. Some will be in better or worse condition than your home, and that needs to be taken into consideration. Sadly, there may be foreclosures in your neighborhood that will adversely affect your property’s value.

The bottom line is that your home is worth what someone is willing to pay. Period.

We don’t have a crystal ball to determine that amount, but we do have statistical data available to us in order to make an educated guess. We don’t “pad” that amount to allow for negotiating room.

Buyers today are savvy shoppers and your home won’t be shown if it’s overpriced. The longer your home is on the market, the more desperate you appear and thus, the more negotiable your price becomes. Probably the first question Buyers ask today is, “how long has this property been on the market?” If the answer is “ninety+ days,” get ready for that low-ball offer.

As our real estate market is ever-changing, we now have to be concerned that your home will appraise for the amount it will be sold, and that too must be factored into your pricing decision. And, the quickest way to de-value your home is to go through a series of price reductions!

Your home will sell if it is in top condition, priced correctly and marketed aggressively. Choose the Listing Realtor that understands this selling strategy.

Pricing your home correctly requires homework and is an emotional decision – but a decision that’s truly “priceless.”

Lori Cain; 918-852-5036; lcain@tulsarealtors.com

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