That is the buzz phrase in real estate; Location-Location-Location, but is it as important as Price-Price-Price? No. Price is very important. Location is great and very very important when buying real estate, but if the price isn't right, most buyers won't even look, even if the location is great.
Truth is, when selling your home, you can ask any price you want. But keep in mind, it is like an antique shop that has alot of merchandise but the merchandise is so pricey, the proprietor sells a peice maybe once a year. In real estate, the market sets the price. Your REALTOR can assist you in helping you determine a good list price for your home. Based on current listings and recent sales and any upgrades your home features.
Keep in mind though, that just because you sunk 30k into your house, doesn't mean all that invested money will see a good return. It depends on what you spent the money on. Underimprovements, overimprovements, quality of work, all have an impact or lack thereof on the value of your property.
Your REALTOR will look at what has sold within the last 6 months to help determine what price your home should be set at. Most agents will put the price up a bit so there will be room for offers and buyers will feel like they have been able to negotiate a better price. But it all depends on what the parties agree to and hopefully you let your agent help you price the house and not a scenario of you telling the agent what you have to have.
Because once it gets an offer and a contract, then it has to appraise. The appraiser also looks at the history of sales in the area of comparable properties, so if your agent didn't do their homework upfront when helping you correctly price the property, you make have a buyer who will walk away because the property did not appraise for contract price.
This is the downfall sometimes, of fsbos. They think they know what a house in their neighborhood sold for but they don't know. Most of the time it is just rumor and on top of that they have no idea what the terms of sale were. Maybe the seller gave the buyer a carpet allowance or paid most of the buyers closing costs? oR, you have never even been in your neighbors house and they had a Mac Daddy Kitchen and a Blow Your Socks off Bathroom. You never know the big picture.
So what it boils down to, is listening to a seasoned REALTOR who has sold many properties in the area, and has a good sense of market value of your home and then agreeing with the REALTOR as how to price your home to sell.....or did you just want to show?
Also, when picking a REALTOR, look at what type and price of listings they currently have. If the bulk of their listings are in the 20's, and your home is say in the 80's range, that agent may not be the best agent for you as that agent may do well with the lower priced homes due to lack of advertising or clientele, and your best bet is a REALTOR who has a wider range of listings.
Yeah, like us. lol
Mary Welch-Broker/Owner Preferred Choice Realty of Harper Kansas
Member Harper City Council
Member Harper Economic Development Council
Member Wichita Area Association of REALTORS, Kansas Association of REALTORS, National Association of REALTORS.