Author: adminrealtor

A Virginia Realtor specializing in the Western Fairfax County Region of Northern Virginia.

The 60-Second Rule

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Remember the 60-second rule: That’s all the time you have to create a winning first impression. Here are some simple to significant ways to maximize your home’s appeal:

Exteriors

  • Keep the grass cut and remove all yard clutter.
  • Weed and apply fresh mulch to flower beds.
  • Apply fresh paint to wooden fences.
  • Tighten and clean all door handles.
  • Clean windows inside and out.
  • Powerwash home’s exterior.
  • Ensure all gutters and downspouts are firmly attached and functioning.
  • Paint the front door.
  • Buy a new welcome mat.
  • Place potted flowers near the front door.

Interiors

  • Evaluate the furniture in each room and remove anything that interrupts “the flow” or makes the room appear smaller. Consider renting a storage unit to move items off-site.
  • Clean and organize cabinets, closets and bookshelves.
  • Clean all light fixtures and ceiling fans.
  • Shampoo or steam clean carpets.
  • Remove excessive wall hangings and knick-knacks.
  • Repair all plumbing leaks, including faucets and drain traps.
  • Make minor repairs (torn screens, sticking doors, cracked caulking).
  • Clean or paint walls and ceilings.
  • Replace worn cabinet and door knobs.
  • Fix or replace discolored grout.
  • Replace broken tiles.
  • Replace worn countertops.

Showing Details

  • Turn on all the lights.
  • Open all drapes and shutters in the daytime.
  • Keep pets secured outdoors.
  • Buy new towels for bathrooms.
  • Buy new bedding for bedrooms.
  • Replace old lamps or lampshades.
  • Play quiet background music.
  • Light the fireplace or clean out the ashes and light a candelabrum.
  • Infuse home with a comforting scent, such as apple spice or vanilla.
  • Set the dining room table for a fancy dinner party.
  • Vacate the property while it is being shown.

Categories: Selling

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How to Price to Sell and Still Make a Profit

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The asking price you set for your home significantly affects whether you will profit in the sale, how much you will profit and how long your home will sit on the market. Your real estate agent’s knowledge of the overall market and what’s selling – or not selling – will be invaluable in helping you determine the price. The objective is to find a price that the market will bear but won’t leave money on the table.

Here are some points to consider: Time. Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to make money, think about a price that will encourage buyer activity (read: fair market value).

Value vs. Cost. Pricing your home to sell in a timely fashion requires some objectivity. It’s important that you not confuse value with cost – in other words, how much you value your home versus what buyers are willing to pay for it. Don’t place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants hardwood floors or granite countertops.

Keep it simple. Because time is of the essence, make it easy for the buyers. Remain flexible on when your agent can schedule showings. Also, avoid putting contingencies on the sale. Though a desirable move-in date makes for a smoother transition between homes, it could cause you to lose the sale altogether.

Categories: Selling

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Steps To Selling Your Home

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  1. Define your needs. Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.
  2. Name your price. Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It’s often difficult to remain unbiased when putting a price on your home, so your real estate agent’s expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars. Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.
  3. Prepare your home. Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that owner’s mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. * A home with too much “personality” is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs. * Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression. * Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.
  4. Get the word out. Now that you’re ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: * The Internet * Yard signs * Open houses * Media advertising * Agent-to-agent referrals * Direct mail marketing campaigns In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.
  5. Receive an offer. When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following: * Legal description of the property * Offer price * Down payment * Financing arrangements * List of fees and who will pay them * Deposit amount * Inspection rights and possible repair allowances * Method of conveying the title and who will handle the closing * Appliances and furnishings that will stay with the home * Settlement date * Contingencies At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.
  6. Negotiate to sell. Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items: * Price * Financing * Closing costs * Repairs * Appliances and fixtures * Landscaping * Painting * Move-in date Once both parties have agreed on the terms of the sale, your agent will prepare a contract.
  7. Prepare to close. Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.
  8. Close the deal. “Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present. After the closing, you should make a “to do” list for turning the property over to the new owners. Here is a checklist to get you started. * Cancel electricity, gas, lawn care, cable and other routine services. * If the new owner is retaining any of the services, change the name on the account. * Gather owner’s manuals and warranties for all conveying appliances.

The Heart Of The Home Can Make Or Break Your Sale

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What is the heart of a home? Why is it so important? Why does it need to be pampered like princess in a fairy tale?

The heart of any home is… you guessed it… the kitchen! Yes, that’s right. Not only is it the room that feeds you, it’s also been known as a gathering place for family and friends. It’s the room where the highest level of activity takes place, and just like bathrooms, it can’t be avoided and should never be neglected.

It’s no secret, the kitchen is one of the biggest deal makers or deal breakers when it comes to home shopping. Now that you know this, it’s time to put your kitchen in order and make it shine and sparkle like a bald man’s head. So here are some tips to get you started, no matter what your budget is:

  1. Clean, clean, and clean again. Nothing turns off buyers more than a filthy kitchen. Think about it: sitting down at a crumb-infested, sticky table or floor? I don’t think so.
  2. Clear out the clutter. Show off that counter space! Let buyers envision themselves making a meal for an army in your kitchen. Everyone loves space.
  3. Update the major appliances. While your home is on the market, you’ll get the benefit of using the new digs too. Nothing screams “out-dated” like an old refrigerator.
  4. Tend to those cabinets. Clean off the greasy build-up. Give them a fresh coat of polyurethane or other wood polisher or paint them. Better yet, replace them.
  5. Don’t forget the cabinet knobs. It’s the little things that make a difference, so replace those knobs. Prepare for sticker shock when it comes to pricing them out– think of them as the jewels of a kitchen. Don’t worry, you won’t regret it.
  6. Floor duty is calling you. If you can’t repair or replace the flooring, clean it as best as you can– maybe even paint it. It’s another big eye-catcher in a kitchen.
  7. Replace or repair the counter tops and backsplash. Stone counter tops are a huge hit, but these days, you can find really great laminate counter tops.
  8. Dress up those windows and walls. Paint is an inexpensive way to make a huge impact on any room, and most kitchens don’t need glamorous drapes. A simple, yet elegant valance can do the trick.

Remember, you want your kitchen to look and feel like a model, and these tips are just a few things you can do to energize your kitchen’s image. For more kitchen remodeling secrets, click here!

Categories: Selling

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Investing in Short Sales

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Okay, Mr./Mrs. Moneybucks, so you you have a little stash of cash set aside and you’ve been listening to market trends and keeping a keen eye on the real estate market. Now you’re thinking that today is the perfect time to buy real estate low and sell high later. Well, congratulations! You’re right!

Real estate market values are at a record low compared to what they were just a few short years ago, and with the mortgage mess going on thanks to the promises of adjustable rates, the short sale market is sadly becoming a growing trend. The potential to buy a property listed as a short sale at up to a 50% discount is becoming a reality, and for savvy investors looking towards real estate again as another way to diversify their portfolio, they’re in luck!

Most short sales can be purchased with a real estate agent, in fact, I highly recommend using a real estate agent because there is a ton of paperwork to contend with, not to mention the guidelines of dealing with real estate in general. However, there are ways to learn how to find short sales on your own and how to deal with lenders directly to purchase short sales.

Which ever way you decide to find and purchase your next investment, remember to take some time to plan out what you’re going to do once you have the property. Are you going to rent it out? Are you going to fix it up and flip it? Planning is the key to any successful investment– that includes planning for any unforeseen events. But I have faith in you. You’re smart and even smarter for reading Free-RealEstate-Tips.com!

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Room By Room Renting

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Congratulations on investing in real estate! A savvy move for the organized, prepared, and patient investor!

I know your smart and you’ve done your research. You have reviewed any Property Owner Association documents for any restrictions or guidelines that you must abide by, and now you’re ready to get some tenants in there and make some money! What’s that you say? You also know how much the average rental amount is for rentals in the neighborhood? That’s great! But is that rental amount per home or per room?

In some cases, renting out rooms versus the entire home may be more lucrative. There are some pros and cons to consider, but with a little bit of planning, you may find that you might prefer to offer room by room renting.

Pros:

  • Lower rent amounts give you a broader range of qualified applicants.
  • In most states, room by room renting gives you greater control over who can rent a room — i.e., women only, etc.
  • If one room tenant fails to pay their rent, you may still get paid from the others. Some rent is better than no rent!
  • You can charge different amounts for different room sizes or amenities.
  • Individual room rental amounts may add up to more than what you could get renting the entire home to a single tenant.

Cons:

  • More tenants, means more paperwork and organization.
  • You’ll have to find a way split utility payments among the tenants, although your tenants can manage this.
  • Individual tenants may mean more neglect to prepare for in common areas such as the kitchen or laundry area.

So weigh your options, and think about your own pros and cons to room by room renting. Good luck!

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Loss Mitigation Contact Numbers

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Are you behind on your mortgage payments? Do you think you are going to have trouble paying your mortgage in the near future? Read my post entitled “Can’t Pay Your Mortgage” for more information. Or maybe you’re interested in investing in property in pre-foreclosure status? If so, you may find this information helpful: a compiled list of loss mitigation department contact numbers and websites of various lenders that you (or your listing agent) may need.

ABM-AMRO Mortgage (800) 783-8900

Web: https://www.mortgage.com/C3/application.bus

Accredited Home Lenders(877) 683-4466

AMC Mortgage Services (Also handles loans originated by Ameriquest and Argent) (800) 211-6926

1600 McConnor Parkway

Schaumburg, IL 60173

Web: https://www.myamcloan.com/malwebapp/begin.do

American Home Mortgage Corp.(877) 304-3100*

Ameriquest Mortgage (Debt collection — see AMC Mortgage Services) (800) 211-6926

Aurora Loan Services (Debt collection) (800) 550-0508

By Overnight Mail:

601 5th Avenue

Scottsbluff, NE 69361

Attn: Customer Service

By Regular Mail:

P.O. Box 1706

Scottsbluff, NE 69363

E-mail: ccnmail@alservices.com

Web: https://www.alservices.com/Consumer/UI/SSL/…UI%2fSSL%2fServ icing%2fDefault.aspx

Avelo Mortgage LLC (866) 992-8356*

Bank of America(800) 846-2222

BB&T Mortgage (800) 827-3722*

AmTrust Bank (fka Ohio Savings Bank) (888) 696-4444

Beneficial (800) 333-5848

Central Pacific Bank (800) 342-8422*

Charter One (800) 234-6002

Chase (800) 446-8939

Chase Home Finance (800) 848-9136 (customer service) (858) 605-2181 (delinquency customer service)

Chase Home Finance-New Jersey(800) 446-8939*Chevy Chase Bank(800) 933-9100*

Web: https://chaseonline.chase.com/chaseonline/l…mp;LOB=COLLogon

Chase Manhattan Mortgage

(800) 446-8939 (Ohio Servicing Center)

(800) 526-0072 (Florida Servicing Center)

(800) 527-3040 x533 (Florida Servicing Center)

Chevy Chase Bank (800) 933-9100

Web: https://www.chevychasebank.com/htm/payment.html (Payment Addresses)

Citi Financial Mortgage (800) 753-3673

Citimortgage (800) 283-7918

Countrywide (800) 262-4218 or (877) 744-7691

https://customers.countrywide.com/se…t_login254.asp

Ditech (800) 852-0656 (800) 449-8582

Downey Financial Corp.(800) 824-6902, ext. 6696

Deutsche Bank National Call Number on Mortgage Statement

EMC 800-723-3004

P.O. Box 141358

Irving, TX 75014-1358

Web: https://www.emcmortgageservicing.com…cnsecurity.asp

EverBank (800) 669-7724 ext. 4730

Equity One (Debt collection) (866) 361-3460

First Horizon Home Loans (800) 489-2966*

Fifth Third Bank (800) 375-1745 Option 3

First Merit Bank (888) 728-9931

Flagstar Bank (800) 968-7700, ext. 9780

Fremont Investment & Loan (866) 484-0291

GMAC Mortgage (800) 850-4622

GreenPoint Mortgage Funding (800) 784-5566, ext. 5383*

Green Tree (877) 816-9125

Homecomings Financial (800) 850-4622*

HomeEq Mortgage Servicing ( Debt collection) (866) 822-1471

Household Finance (A HSBC Co.) (800) 333-5848

Household Mortgage (800) 333-4489

HSBC Mortgage (800) 338-6441

Default Resolution Team (if long term problem)

2929 Walden Avenue

Depew, NY 14043

(888) 648-3124 Loss Mit

(732) 352-7519 Fax

Web:http://us.hsbc.com/personal/mortgage…fficulties.asp

Huntington National Bank (800) 323-4695

Indymac Bank (877) 736-5556

C/O Loan Resolution Department

P.O Box 7014

Pasadena, CA 91107

(Monday – Friday 6:15am-7:15pm. (Pacific Time))

Web: https://www.indymacbank.com/contactu…Resolution.asp

Irwin Mortgage (888) 218-1988

P.O Box 7014

Pasadena, CA 91107

Web: https://www.irwinmortgage.com/wps/portal/&#…3sdAvyHZUBAAqwx 9c

E-mail: deliquency.prevention@irwinmortgage.com

James B. Nutter & Company (800) 315-7334

Key Bank (800) 422-2442

LaSalle National Bank (800) 783-8900

Litton Loan Servicing (800) 999-8501 or (800) 548-8665

Fax (713) 966-8820

4828 Loop Central Drive

Houston, Texas 77081-2226

Web: https://www.littonloan.com/index.asp

Loss Mitigation Department Hours:

Monday Eastern: 9 a.m. – 7 p.m. Central:8 a.m. – 6 p.m. Mountain:7 a.m. – 5 p.m. Pacific:6 a.m. – 4 p.m.

Tuesday-Thursday Eastern:9 a.m. – 9 p.m. Central:8 a.m. – 8 p.m. Mountain:7 a.m. – 7 p.m. Pacific:6 a.m. – 6 p.m.

Friday Eastern:10 a.m. – 6 p.m. Central:9 a.m. – 5 p.m. Mountain:8 a.m. – 4 p.m. Pacific:7 a.m. – 3 p.m.

Default Counseling Department representatives are also available most weekends on Saturday from 8 a.m. to 12 p.m. and Sunday from 10 a.m. to 2 p.m. (CST).

Midland Mortgage (800) 552-3000 or (800) 654-4566

Web: https://www.mymidlandmortgage.com/My…ogin/Login.asp

Mortgage Lenders Network (800) 691-0129

E-mail: customerservice@mlnusa.com

Web: http://www.mlnusa.com/customers/info_credithelp.asp

Mortgage Electronic Registration Systems (888) 679-6377

National City (800) 367-9305, Ext. 53221 or (800) 523-8654

Attention: Homeowner’s Assistance

3232 Newmark Dr.

Miamisburg, Ohio 45342

(8AM-10:30PM ET, Monday – Thursday)

(8AM-5PM ET, Friday)

(8AM-Noon, Saturday)

Web: http://www.nationalcitymortgage.com/…assistance.asp

Nationwide Advantage Mortgage Company (800) 356-3442, ext. 6002*

NationStar Mortgage (888) 850-9398* Press 0 for operator

New Century Financial Now Carrington Mortgage Services (800) 790-9502 or (877) 206-9904

(6:00 a.m. to 7:00 p.m. Pacific Time, Monday – Thursday)

(6:00 a.m. to 6:00 p.m. Pacific Time, Friday)

Web: https://myloan.newcentury.com/webapps/servi…yloans/index.do

NovaStar Mortgage Loan Resolution Department (888) 743-0774 Non-English: (888) 743-0774, ext. 4523

Ocwen Federal Bank (800) 746-2936 or (877) 596-8560

Web: http://www.ocwencustomers.com/csc_fa.cfm

Attention: Financial Information

12650 Ingenuity Drive

Orlando, Florida 32826

or

Ocwen Financial Corporation

1661 Worthington Rd., Suite 100

West Palm Beach, Florida 33409

Phone: 877-226-2936

For serving Ocwen with legal process, please send to their registered agent:

Corporation Service Company

2711 Centerville Road, Suite 400

Wilmington, DE 19808

Phone: 561-682-8000, x8386

Option One (866) 711-1962 or (888) 275-2648

Web: http://www.oomc.com/servicing/servicing_baifaqs.asp

PHH Mortgage (Formerly Cendant) (800) 257-0460

For borrowers facing possible delinquency: (800) 330-0423*

For borrowers in the foreclosure process: (800) 750-2518

ResMae Mortgage Corp.(877) 473-7623, ext. 5944

Saxon (800) 665-7367

Select Portfolio Servicing (888) 818-6032

Fax: (801) 293-3936

Loan Resolution Department

P.O. Box 65250

Salt Lake City, UT 84165-0250

(Monday – Thursday 10:00 a.m. – 10:00 p.m. EST)

(Friday 10:00 a.m. – 7:00 p.m. EST)

(Saturday 9:00 a.m. – 1:00 p.m. EST)

Web: http://www.spservicing.com/services/custom…nresolution.htm

SkyBank (800) 290-3359

Sun Trust Mortgage (800) 634-7928

PO Box 26149

Richmond, VA 23260-6149

Mail Code RVW 3003Web: https://www.suntrustmortgage.com/generalquestions.asp#

Third Federal Savings (888) 844-7333

US Bank (800) 365-7900

Wachovia Bank of Delaware (866) 642-8608

Washington Mutual (866) 926-8937 or (888) 453-3102 or (800) 478-0036 or (800) 254-3677

Waterfield Mortgage (800) 957-7245

Fax: (260) 459-5390

c/o Loss Mitigation Dept.

7500 W. Jefferson Blvd.

Fort Wayne, IN 46804

(7 am – 10 pm EST Monday – Thursday)

(7 am – 9 pm EST Fridays)

(8 am – 2 pm EST Saturdays)

E-Mail: saveyourhome@waterfield.com

Web: http://www.waterfield.com/scripts/cgiip.ex…rvices/delqasst

Wells Fargo (877) 216-8448 or (866) 261-5642 or (800)766-0987 or (800) 678-7986 for payment assistance

Borrower Counseling Services

Monday – Friday 8:00 a.m. – 9:00 p.m., CT

Saturday 9:00 a.m. – 2:00 p.m., CT

Web: https://www.wellsfargo.com/mortgage/account/

Wendover Financial Services Corporation (800) 934-1081 or (800) 436-1022

Web: http://www.wendover.com/borrowers.html

Wilshire Credit Corporation (888) 502-0100

P.O. Box 8517

Portland, OR 97207-8517

From 6 a.m. to 5 p.m. (Pacific time) Monday through Friday

Web: http://www.wfsg.com/borrower/borrower.aspx

(Lender/Servicer Loss Mitigation Phone Numbers & Contact Information created by Moe Bedard of Corona, CA, reposted here at CircleDebt.com.)

Home Inspections

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home inspections

You got an offer on your house and after numerous counter offers, everyone is finally happy with the terms (including your real estate agent!). Besides the appraisal report, the next dreaded step that buyers and sellers fear is the home inspection. Sellers worry that the inspector will nit-pick miscellaneous items that may deter buyers, and buyers worry that their future dream home could be riddled with problems.

Home inspectors are not evil. They were not put on this planet to destroy the hopes and dreams of home buyers and home sellers. They are trained professionals whose duty it is to ensure that a house in question is sound, livable and up to code, and to point out items that need to be repaired immediately or in the future.

Sellers, you can avoid nit-picking fears by tending to repairs that are obvious. Do a home inspection of your own and try to view things objectively.

Buyers, just because the home inspector has a long list of items in the report doesn’t mean that the house is in shambles. Go over the list of items, talk to the inspector, get estimates of repairs or replacements. You’ll feel much better if you get a better understanding of the seriousness of the findings.

Categories: Buying Selling

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The Importance of Intelligent Pricing

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One thing home sellers need to understand is that the price their home will sell for is based on what buyers are willing to pay after comparing similar homes in the area. Pricing is not necessarily based on what the neighbor sold their house for last week because the market is constantly changing. Yes, sold, under contract and active homes are taken into consideration, but the driving price is still what buyers are willing to pay.

The comparable market analysis report provided by a real estate agent is a tool used for establishing a list price baseline. The real estate agent knows that days on market and timing are other factors to consider as well as condition of the home. But there’s even more to it than that and the real estate agent knows it. Take a look at this diagram:

House Pricing Pyramid

As you can see, a home will have more potential buyers if it is priced at market value rather than above market value, and more potential buyers at below market value. Intelligent pricing along with proper timing can help get your home sold quickly and at the best price possible.