Pricing Your Home For Sale in a Changing Market

Pricing a home is NOT guesswork, period.  A number of detailed and thorough analyses are necessary to place a proper number on your home, which is most often your most valuable asset....

By "proper number", I mean the highest reasonable number that is possible to obtain for your home in the current market.

A Comparable Market Analysis ( CMA)  is an analysis of homes that are similar to yours in one respect or another, where an agent analyzes their pricing and the current real estate market trend(s) in order to arrive at an appropriate price for your home.

I have seen many analyses given to sellers  (who ultimately became clients of mine) - and quite frankly, I am surprised with the lack of statistical substance that the other agents provided to these homeowners.

Comparing your home to five  homes  that are on the market, five  that are under deposit, and  five  recent sales can NEVER give you an accurate price for your home. Rather, the price would indicate an average of those fifteen houses.  Some agents use less than 10 comparables in total to price your home. That just can't be effective, can it?

Let me put it to you one way, and this is the only way. In order to price your home properly, a lot of research must be done by your real estate agent so that you don't overprice it or underprice it, especially right now, when the market is changing. In this market, you can push the pricing envelope, but you need to know exactly how much. Statistics will show you that.

The best market analysis that you could possibly get from a Realtor is one that is so thorough, that the Realtor  does not even have to tell you a price  for your home. It will be as clear as day to you. A number of cross-referenced analyses that point to a specific number  in  the same range are the most accurate. That's the right way, with no shortcuts.  Don't settle for anything less. 

BOTTOM LINE: If you want to price your home correctly, and get top dollar, contact me. (203) 257-5892

"When You Deserve the Best, You Deserve Judy"

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The Featured Home of the Week is a 3 bedroom, 2 bath ranch home at 20 Hickory Drive, Westport for just $549,900. See the virtual tour HERE

.....or better yet, call Judy to schedule an appointment to see it!

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Buying or Selling a Home in Fairfield County? Contact us!

If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com  www.TheCTrealtyBlog.com  www.TheCTRB.com and www.CTfeaturedHomes.com

Email us or call Toll Free (855) GET-JUDY

Lots of Showings, and No Offers. Solve it and Sell it.

PROBLEM:

Your home is (or was) on the market ,  there is  (or there was)  no shortage of showings, but there were no offers either.

I hear  this from many disappointed home sellers after their home failed to sell within the listing period.  Surprisingly enough, I have had listing agents also ask me why this is happening to their own listing.

Three Very Important factors must all be present in order for your home to obtain an offer. If one of these three key elements of salability is missing, your chances of obaining an offer decrease exponentially.

 
It could be one of the three issues that need to be addressed, or a combination of any two. Sometimes it's all three.  But truly, these three are THE ONLY REASONS YOU DON'T HAVE AN OFFER, no matter what  any broker or anyone else tries to tell you.

Marketing: Is your home's marketing geared towards attracting  the most probable buyers? Is  your listing complete and truthful? Does it have current photos that accurately represent it condition and appearance?

Price: Is your home priced correctly? Do you have any negotiating room built in to the asking price?

Condition: Does your home have any deferred maintenance?Does the  exterior or interior  need any  staging?

When we talk about the three key factors in obtaining an offer, remember that if any ONE is not properly positioned, your chances of getting an offer are minimized.

Let's look at a few scenarios:

You could have the BEST house for the BEST price but if the most probable buyers never find it because of improper marketing, you won't get an offer.

If your agent has marketed your home on the most visible websites, and painted an accurate picture of your home, then it's not the marketing. It's something else- either price or condition

Price: The best marketing in the world will not help you to obtain offers on a home that is overpriced for the market.  A slightly overpriced home may indeed get showings,  but NO offers.

Condition:If your agent does a phenominal job of marketing your home,  and the price seems reasonable, it is the condition or the price. This is why feedback is so important on the showings that get. If an objection continues to arise, address it.

By the way, you may have noticed that I did not include location in this list. Location is already addressed by price. So if you keep hearing that buyers don't like the location, it is the price that must be addressed.

Contrary to what many agents will tell you, it is NOT ALWAYS the price. Try to have a neutral mindset and look at the condition of your home, look at the marketing, and make sure BOTH are in line with the market before you  consider adjusting the price.

And a note From Judy: If you would like to sell your home in Fairfield County, have not had any offers, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Would You Rather Have an Agent Lie to You or Tell You the Truth?

The truth, right?

I hope your first reaction to this question is  for your agent to tell you the truth.  Do not let your emotions about getting the highest price for your property get in the way of listening to reason, especially when there is evidence to support it.

Telling the truth to homeowners who are interviewing a few agents to list their home for sale sometimes costs me business- because it's not exactly what these homeowners want to hear.

There are, however,  plenty of agents who would rather lie to you,  give you false hope on a suggested list price that is over and above what the market will bear. It's an awful sales tactic- so be on the  lookout.

And why do real estate agents  lie to you about how much your home is worth?

Certainly one reason is lack of market knowledge, or the inability to price homes correctly, and that may not even be an overt lie on their part.

The second reason is that this is a sales tactic that is purely intentional. The agent gives you a price above what they know is appropriate, so that you think that they really love your home and can sell it at that high price.

These agents intentionally give you an inflated price  just to get you to  sign the listing contract- and once you are signed up, they will get you to reduce the price- sometimes even within the first week to ten days. This type of agent induced  "analysis paralysis" causes the homeowner to  dismiss an appropriate price and choose the highest price an agent gives them, even though the analysis says differently.

You should never start any type of relationship on a lie, let alone a business transaction. What will happen  next? What will the next lie be about? This is just a nasty,  shamelessly unprofessional and selfish business tactic, and unlawful in my opinion as well.  

Insist on a detailed Market Analysis- that's called a True Market Analysis.

A  market analysis is just that. Take the time to review it. Are the comparables on the other side of town or are they close by? Are the comparables of similar square footage? How many comparable properties are included in your analysis? Is the price obvious to you by looking at what's in front of you? It should be.

Without any exceptions, the analysis should be detailed enough that it should suggest a price to you, and sometimes you may not like that price. It is important to control your emotions enough to look at what's in front of you, and  as much as you may not like it, understand that analyses don't lie. Agents do.

Trust your gut when you meet an agent. Ask for testimonials. Hopefully, you should be able to spot  the less than truthful agent and remember that when you  get to the pricing part of the presentation.

Consistently telling my clients the truth allows me to sleep peacefully  at night, and I wouldn't have it any other way. If you need a price opinion on your home, and are ready to sell, call me, or email me. I'd love to hear from you- and that's the truth, too :)

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Don't Fall into the Trap of Listing Your Home For the Highest Price

It's time! You have decided to put your home on the market, and of course you want to get the highest price possible. Agents want to get you the highest price possible, too.

BUT....

You must look at the comparables, and past sales history for your town and your style of home, along with a square footage analysis.  A detailed analysis will most certainly point to the correct number for the market, but  you may not like what the numbers point to,  and there are many agents who will tell you what you want to hear, rather than tell you the truth.

They do that to ensure that they will get the listing, and control the sale. The only problem is that if you list with the "highest bidder", your home will not sell, because it will be overpriced for the market.  This is a trap that way too many home sellers fall into.  That is, listening to the agent and hiring the agent who cannot back up their claim to be able to get you the highest price for your home.

The appraiser that comes out on behalf of the buyer's chosen bank will only look at comparable sales within the last six months. If you or your agent are comparing your home with a sale that happened outside of that six month window, remember, the appraisers will not even consider that. So on the off chance that you do get a buyer for your home at a price that is higher than the market would generally bear,  a low appraisal would negate that sale. You have heard of appraisals that come in low?  Either the transaction falls apart, or you will have to reduce your price. It becomes a big mess.

When you interview  an agent to price your home, remember  these facts. the highest price that am agent tells you  is not always the correct figure,  or most honest one.

If you would like an honest market evaluation, contact me. You  can most certainly make future plans with confidence with me.

And a note From Judy: If you have a question about buying or selling a home in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

Does a Nearby Cemetery Impact Your CT Home's Resale Value?

What a morbid subject- no one even likes to say "the word".  Unfortunately, there are times when you must have this discussion.  For some people, close proximity to a cemetery simply doesn't matter, and yet, for others it is an absolute  deal breaker. Some buyers don't even want to pass by a cemetery to get to their home.

The fact of the matter is, that yes, it does impact your resale value.  There is a good side to that and a not-so-good aspect as well. It's up to you as to whether  the positives outweigh the negatives, or vice- versa.

As close proximity will affect resale value, even if it's not for all buyers, the bottom line is that it still affects property value for some.

If you are in the market to purchase a home, then you can expect to get a better deal on that home because of its location. It would be worth more in another area. That just goes back to the old saying about the most important thing in real estate being  "Location, location, location".

If you are selling your home near a cemetery, understand that there are buyers that just won't look at your house, no matter what. Expect to have a longer than average market time, but consider this- You bought the home- and  your buyer will probably purchase your home for many of the same reasons that you did.

A good marketing plan designed specifically for your home will get the job done, and I know just the right Realtor for you- (that's me!)

And a note From Judy: If you have a question about buying or selling a home in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.