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Determining the Property's Listing Price


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One of the first steps in the property selling game is to set the best possible price for your property, and keep it within the current local market tolerances in order to attract serious buyers. Many things will affect the price you finally come up with: fair market value, local demand, interest rates and time constraints, if any, are just a few. If you have partnered yourself with a savvy agent then you should already have a good idea of the price range and terms that you could be asking.

Also, collect as much information on your own relating to similar properties being offered in your area, what previous property sales have netted and how much of a demand there is currently. Knowing if there are any improvements coming to your neighborhood that will increase property values in the very near future, will also help you pitch your property to buyers. Possibly a new public school, shopping center or recreational facility is being built. Maybe there is going to be a new mass transit system serving your community. Things of this nature are good points to stress when presenting your offer to sell. If you do mention such things, be prepared to support those statements with documentation.


How Do You Know What Your Property Is Currently Worth

Sellers need to know if the current market favors them or the buyers. The FMV (Fair Market Value) is directly related to current local trends in housing demand and prices. If you want to get the price you need, and not the prices being offered, constantly study the market and consider adjusting your asking price accordingly.

If you are in a rush to sell due to personal, health or career related issues, try not to emphasize this fact to much, if at all, when negotiating. If the buyer knows this they can put pressure on you to lower your price or walk away from the deal all together. If at all possible, do not rush to closing, and thus retain your strength and leverage during the negotiations.


Other Factors Enter Into a Sale Besides the Selling Price of the Property

At times, buyers and sellers share the costs of closing or one will take on all responsibility for them to seal a deal. Possibly the buyer will ask the owner to hold some of the ‘paper’ on the property personally, in order to soften the deal on their end. If that is the case, be certain that you are in a financial position to do this, and be prepared to chase the buyer if they default on the loan. You need to be reasonably assured that you will not end up having to re-posses the property and begin the listing process all over again.

If there are any appliances, fixtures or furniture that a buyer wishes the seller to include in the sale, these items will also factor into the price and terms finally agreed upon. In most cases, many buyers would rather forgo the headache of buying and installing something that is already there.

When listed properties are in need of repair, sometimes completing that work first and then adjusting the sales price accordingly, will benefit the seller. Typically, most people want to avoid doing any repair work or investing additional money after a closing. If you do get stuck with repairs, be certain not spend more on the repairs than you will recoup from the final selling price.


What Happens to FMV and Pricing in a Mixed Neighborhood?

Some neighborhoods may be comprised of older homes, or have a greater variety of styles and sizes. By virtue of their age and the fact that they have had multiple owners over the years, these homes may all be totally different, and priced within a broad spectrum. Each home will have been improved and maintained to a different degree, thus creating the vast difference in values. If that is the case, the FMV will not be such a big factor in the setting of the asking price. This is another time when the help of a knowledgeable professional will come in handy.

 
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