Today's message is for the seller who is trying to sell their home and it is still on the market. It is time to redefine "Market Value". Steve McLinden of Bankrate, Inc gave the following advice....If your home has been on the market for too long, there's a good chance you're not facing market realities. The value of your home isn't what the tax assessor says it is, or the sum on that 2 year old appraisal you have filed away. It's not what a simiar size home that sold across town. It's what a buyer is willing to pay today. To arrive at that sum, the sales prices of forelosures and short sales must be factored into the equation, along with the average value of seller concessions in your submarket. These facors are advanced by the Federal Housing Finance Agency, in its appraiser code-of-conduct revisions to ensure more acurate documentation of market conditions. If your agent tells you that you're overpricing your house, he or she may not just be trying to grease the wheels for a quick commish, as you might suspect. They may be doing their job and trying to sell your house.
This is powerful advice. Sellers take heed...buyers truly set the sales price...if you are not getting showings, it is time for a price adjustment.
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2 comments:
I have been a REALTOR and Owner/Broker in the Northern Utah area for 8 years. I raised my children here and am a staunch advocate for others discovering the massive beauty of this spectacular place! As a professional Real Estate Broker, I consult with all residential sales in all price ranges.
Utah Realtor
Thanks for sharing those tips! I really appreciate all that! It will help a lot for me who are getting started being one of the Salt Lake City Realtor.
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