For Sale By Owner Causes Of Over Pricing By Maine Homeowners

Sellers often think about selling real estate on their own with the primary objective of saving money on commission. History has proven that it may actually cost more than it saves,… for sale by owner causes of over pricing by Maine homeowners. Below are a few things for sellers to consider before deciding sell by owner.

Getting the Price Right

The real estate market is continually moving. Pricing may impact listing time, what amount it finally sells for, and whether it sells at all. Real estate professionals have the knowledge and experience to help homeowners with marketing value based on the home features, location, and desired timeline, and to adjust it as necessary based on fluctuating market conditions.

Property Comparisons

It all begins with finding comparable properties. Sellers generally commit a few mistakes at this step.
1. Considering the value of listings in the neighborhood and what they went for years ago.
2. Using the value of their home from a past home loan refinance.
3. Using varying styles or types of properties (i.e. comparing a split-entry to a colonial).
4. Comparing competing homes currently listed that are overpriced or not moving.

Using incorrect properties for comparison will result in incorrect pricing and in most cases overpricing.

Making Price Adjustments

Another facet of pricing is making adjustments for differences between comparable properties. It is difficult to come acorss two identical properties, so changes are commonly applied for interior space, acreage, and features such as parking spaces, bathrooms, fireplaces, condition, and renovations. Homeowners tend to use the price spent on upgrades. However, the market value of different alterations do not often match the price paid for them. In fact, certain features may not add any value. Real estate agents are familiar with what appraisers will calculate for differences in features and will calculate those properly when putting together a market analysis on a property.

For Sale By Owner Causes Of Over Pricing By Maine Homeowners

Overpriced homes can cost homeowners valuable time and money. Properties can remain on the market with no interest or with interest from home buyers that are merely wondering why the price is so high. additionally, buyers have a negative view on properties that are on the market for a long time and are likely to offer less even if the price is later reduced. In a declining market, a home can naturally drop in value by the time it actually sells. All of this leads a for sale by owner listing to sell for significantly less than it could have with the experienced advice of a real estate broker. That difference could be higher than what a seller hoped to save by doing it alone. This For Sale By Owner Causes Of Over Pricing By Maine Homeowners information was published by Mini Major at Bean Group.

About Mini Major

Mini views the purchase or sale of a home as a major life transition that usually evokes a wide array of challenges and emotions She brings her strong analytical, communication, and mediation skills to that process. For buyers, she helps to assess realistic goals and maps out a facilitation strategy that is uniquely designed to meet their individual styles with limited stress. For sellers, she provides honest, factual information necessary to set the right price and, together with the extraordinary resources of the Bean Group, provides state-of-the art marketing materials to present that property with appeal to the most appropriate potential buyers.

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