How To Determine The Price Of Your Home

Why is it that some homes sit on the market for a year while others sell like hot cakes? Frustrated sellers will blame a bad market, while a good real estate professional will tell you that many times, a slow sale is often attributed to the listing price.

If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and "shows" better than the competition, it will have a better chance of being sold quickly.

The secret is perfecting a technique that's as American as apple pie: comparative shopping.

Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it's one of the best methods to use when determining a home's market value.

A responsible real estate agent will effectively evaluate a home's worth through a process known as Comparative Marketing Analysis (CMA). Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called "comparables," that have sold in the area within the last six months. Typically, the agent is able to recommend a realistic price range that will ensure you top dollar and a reasonably

However, factors such as the amount of time needed to sell your home can alter the agent's price recommendation dramatically.

Typically, people should check with real estate offices in the community to determine the typical duration that listings are on the market. Sales associates will explain that the marketing "norms" vary with prices and properties. Based on this criteria, the agent feels confident that he or she will be able to sell it for a price that both you and the buyer will be happy with. However, if you're under time constraints because of unexpected job changes or moving agreements you've made on another property, this will narrow your chances of selling the home for top dollar in the market.

Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.

The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer and other factors, such as the economy, could cloud your view of how much your home is really worth.

Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to shore with you.

A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you've picked is a good gauge of the home's worth and won't discourage qualified buyers.

Being open and honest about what you see as the home's greatest strengths and biggest weaknesses will also help an agent get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you're well on your way to a speedy and fruitful sale.

About The Author

W. Troy Swezey is the author of "HOW TO DETERMINE THE PRICE OF YOUR HOME." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, "REAL ESTATE SECRETS EXPOSED." http://www.TroyIsMyRealtor.com or mail to: TroyC21@usa.net

---

Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage

Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage... Read More

Getting the Best Homeowner Loan for Your Money

With so many lenders out there, it can be hard to tell if you're getting the best homeowner loan for your money. Banks, finance companies, and online... Read More

What Is The Best Deal For A Mortgage?

Few of us invest the time and effort into researching and securing the best deal for a mortgage to purchase our home.For most of us, our house... Read More

Home Loans ? Would You Buy a Home Without an Inspection?

The housing market has exploded, with home prices rising beyond all reason in some markets. Home prices have doubled or tripled during the last five years, and... Read More

Fees Paid To Brokers By Mortgage Lenders Are Far Too High

Procuration fees paid by some sub-prime lenders are too high.Fact.There can be no justification for some of the fees paid by lenders. Proc fees of 2.75%-plus are... Read More

Refinancing Your Home Mortgage - Get Up To 125% Cash From Your Homes Value

With the low interest rates being offered by lenders today, now can be the perfect time to refinance your existing mortgage. Remember that you do not have... Read More

How To Tap In To Your Home Equity

With today's relatively low interest rates and climbing property values, many consumers are considering taping into their home equity to finance everything from home improvement projects to... Read More

Home Mortgages: Should You Apply Now?

If you're thinking about applying for a new mortgage or refinancing your current mortgage, you might want to take action now.In its survey this week (the week... Read More

What is a Fixed Rate Mortgage?

As the term implies, with a fixed rate mortgage the mortgage rate is fixed for a set period of time, so no matter what movements occur in... Read More

FHA Mortgage: When Your Downpayment is a Gift

There has been so much fraud discovered in the FHA program allowing gift funds for downpayment that Lenders and borrowers are required to absolutely document every step... Read More

Tips for Getting Home Loans from the Right Lenders

Getting home loans is possibly the biggest step in an adult's life. It's up there with having kids, landing that big job, starting your own business. Actually,... Read More

Should You Get a Home Inspection?

It's very important, and in my opinion, mandatory to have a home inspection done before you close on a house. The inspection helps with giving you an... Read More

Mortgage Tips For The Frantic

It is a curious fact of human nature that people will haggle over the price of an umbrella, but buy a house on impulse.We understand small amounts... Read More

Florida Refinance - Refinancing in Florida

The decision to buy a home in Florida can be one of the best you will ever make. If you own a home in Florida you may... Read More

How to Secure the Best Mortgage Deal and Save Yourself Thousands in Interest

When you consider that the average home owner will pay out far more in interest over the lifetime of their mortgage than their home actually cost in... Read More

Option ARM ? The World?s Most Dangerous Mortgage

Home prices have reached record levels, and in many parts of the country, homes have become nearly unaffordable. Real estate has replaced the tech stocks of the... Read More

How Homeowner Can Save Their Home From Foreclosure

Drive around and see how many signs you see that says House for Sale. How many lease purchases do you see? How many abandon houses are on... Read More

How To Save Money On Your Mortgage

Obtaining a home loan is arguably the most expensive transaction you'll experience in your lifetime. Therefore, getting the best home at the greatest value is an endeavor... Read More

Mortgage Information for the First Time Homebuyer

Inflation in the United States is increasing rapidly and home prices are soaring! There are millions of american families that are unaware of the many mortgage programs... Read More

Interest-only Equity Loans Create Amazing Power and are Quite Easy to Get

The power of home equity and interest-only payments, provided from most home equity loans is amazing. You can get a home equity loan, with no closing costs... Read More

FHA Mortgage: Whats the Best Way to Show an Underwriter that Youre Ready to Buy a House?

Mortgage underwriters can be a suspicious bunch. If you have bruised or even bad credit, you have your work cut out for you. Many loan programs have... Read More

Mortgage Advice

In the US today more households have mortgages than ever before. In fact the chance of you having or knowing someone who is paying off their mortgage... Read More

Home Equity Loan Improvements

There's more Regulation Z compliance on the way, courtesy of the Home Equity Loan Consumer Protection Act. This fall banks will have to implement the new home... Read More

Flexible Mortgage Tips

Outlined below are some useful flexible mortgage tips. The most prominent addition in recent years to the mortgage industry has been the flexible mortgage. As the name... Read More

How to Get the Best Mortgage

This is a guide on how to get the best mortgage deal. Do not rush into the first offer that is made to you even if you... Read More

When is the Right Time to Refinance Your Mortgage?

You've heard that interest rates are down and you think it could be time to refinance your existing mortgage, but the entire loan application process was so... Read More