Keith Flenniken is an expert in real estate and even founded his own company, Flenniken Enterprises. He and his team have a knack for transforming undervalued properties and selling them for a profit. A key to success in the industry is knowing how to accurately price a property. These and other tips can be accessed through his personal tumblr page.
Naturally, home sellers are looking to sell their properties for the highest amount possible- and quickly. According to an article on realestate.msn.com, there are ten things to remember to price your house right.
1. Comps are perhaps the most important thing to consider when pricing your home. This means looking at comparable neighborhood homes that have recently sold. Taking into account aspects such as location, curb appeal, and renovations, can help you compare your home and more accurately price it. Additionally, consider local market conditions, as they can affect pricing.
2. Sold comps should receive the most attention. Unless the buyer pays cash or waives an appraisal contingency, your sales price will require an appraisal. Most often, the appraisal is based on the sales price of sold comps. It is not necessary to pay for an appraisal, however, as your retail agent should be able to take care of it.
3. Square footage is not necessarily a decisive factor when pricing a home. While it is beneficial when comparing apartments or condominiums in a complex, different homes will have varying floor plans that make square footage irrelevant.
4. Dont be swayed to price your home higher due to irrelevant factors. These factors include:
Price you paid for the home
Amount you want to net
Amount spent on repairs or improvements
The worth of your house five or more years ago
5. Under or over-pricing your house may be counter productive. Underpricing hoping for a bidding war is risky and may result in a price lower than expected. Overpricing can turn into a price reduction that may cause the property to look tainted to potential buyers.
Find more tips and information on Keith Flenniken here: http://www.pinterest.com/keithflenniken/