Price Your Property

Price Your Property To Sell
The price of your house must attract enough attention among buyers and brokers to generate showings and offers.

Buyers Compare Properties
Home buyers engage in comparison shopping. They will not pay more for a property than they could pay for a similar one. Buyers who are being represented by a Realtor will have access to market information, including competing properties and recent sales.

Market Value
Your house has many values to the tax assessor, your lender, your insurance company, and to you. It also has what is called "Market Value" to prospective buyers. The best price obtainable can only be determined by testing the market and challenging the competition. In the end, the market dictates the value based on current conditions, number of home buyers, etc.

Competitive Market Analysis
The price at which you choose to market your property will be an estimate of the "test results" once your house is placed on the market. To help determine a price for your home, your Funkhouser Real Estate Group' agent will create a custom Competitive Market Analysis for your home.

Buyers do comparison shopping and the Competitive Market Analysis focuses on properties on the market competing for buyer attention. Houses that have been recently sold, and houses that did not sell, are also examined to see what recent buyers were and were not willing to pay.

What Affects The Market Value Of Your Property?
In understanding the market value of your property, we must deal with some factors that are given; meaing we have no control over them:

Physical qualities of your property

• Location
• Age
• Size of house and lot
• Floor plan and architectural style

Market Conditions

• Interest rates and availability of financing
• Buyer demand
• Prices of recently sold properties
• State of the economy
• Seasonal demand

The Competition

• The number of similar properties for sale
• Their prices, financing terms, location and physical condition

Some factors have little or no effect on the market value of your property:

• What you originally paid for your house
• The cash proceeds you want or need from the sale
• What people say your property is worth
• What the tax records say your property is worth
• Past appraisals on your property

The Importance of Pricing
The higher a property is priced above realistic market value, the more time it will take to sell and the less interest it will attract.

• If your property is priced right, more buyers will be interested when it first hits the market.
• Since mortgages are based on fair market value, not the sale price, more buyers will be able to consider your property when it is priced competitively.
• Lenders rely on independent fee appraisers to verify that a sale price is at fair market value. Therefore, if a property fails to appraise at fair market value, it will either force the buyer to make up the difference in cash or cause the sale to fall thorugh.

Contact a Funkhouser Real Estate Group agent to help you establish the proper price for your home.