How to Price Your Home to Sell in Today’s Market

EDISON — The New Jersey Association of REALTORS® (NJAR®) reminds homeowners that sentiment should not weigh in to the equation when determining the right price to position the home for sale.
According to NJAR® , sellers need to put themselves in the buyers’ position to better understand how a home will be evaluated. They need to consider that their property will be compared to other homes that are on the market in the area, including the length of time the house has been listed, whether there are attractive upgrades and the overall condition of the home.
Residential real estate experts, REALTORS®, would make certain to work with a homeowner to set a price that falls within range of comparable homes.
“Determining a listing price is complicated since a variety of factors must be considered to accurately analyze and evaluate a home’s realistic value in present market conditions,” said 2011 NJAR® President Allan “Dutch” Dechert. “Owners interested in selling their homes should consult with a local REALTOR® who is familiar with comparative home sales, the value of municipal services, access to transportation and the quality of nearby schools.”
While those seeking to sell their home should commit to keeping a neat home, they should also focus on the condition of their residence and make necessary repairs. Curb appeal is important. When a potential buyer pulls up in front of your house you want to make an immediate good impression. However, repairs only scratch the surface in getting to the core of what will attract the ideal buyer.
“Cost is most-often a determining factor when deciding on a home to purchase and an overpriced house sticks out to buyers, especially if it’s been on the market for a long period of time,” added Dechert. “Even if the home has all the elements that a buyer is searching for, they will avoid an overpriced property because it gives the impression that a seller is not willing to negotiate.”
From a buyers’ perspective, sale price, mortgage rates and real estate taxes also factor in to the decision-making process. Other substantial factors to consider are the recurring monthly expenses such as property taxes, homeowners’ association fees and homeowners’ insurance. Informed buyers will closely review a home’s location, construction, and age; since these are the same criteria insurers will review to determine the insurance policy rate. Considering these elements when setting the listing price illustrates that a seller is reasonable and fair.
Property taxes are a hot button issue for buyers, especially in New Jersey. If an area has a higher tax rate, consumers will want to know more about the quality of local and municipal services available. Sellers should take their taxes into account and make it part of their selling tactics if the rates are more favorable than other local areas. The general tax rates by county and municipality are posted for reference on the state Division of Taxation website at www.state.nj.us/ treasury/ taxation/lpt/ taxrate.shtml.
Comparing similar properties, noting the differences among them, tracking market movements and taking into account the present inventory, are all tactics utilized by REALTORS® to come up with a range of value for the home. When dealing with this level of detail, there is a clear need to work with a REALTOR®.
In addition to pricing your property right, a REALTOR® ’s responsibility is to market your home effectively. Find out more tips on buying and selling property in today’s real estate market in New Jersey by visiting www.REALstoryNJ.com. To connect with a REALTOR® who can assist with your real estate needs, search the database at www.REALstoryNJ.com /realtor_search.