Catherine Schaeffer
For years, the three most important words in residential real estate were location, location, and location. I no longer find that to be true. Over the years, buyers have changed their concerns, and I find they are more concerned about price, condition, and location.
Price Your Property Properly
A professional realtor will be able to prepare a Comparable Market Analysis, also known as a CMA, for you and will be able to present and explain the report to you thoroughly. In addition to recent sales, it is important to see what is under contract, how long it took to sell the property, and also look at properties that failed to sell.
What You Need to Know:
• What price properties like yours recently sold for;
• The percent difference between their original asking price, final asking price, and, most importantly, sold price;
• How long the properties were on the market prior to going under contract;
• What properties were priced at but did not sell and were taken off the market;
• How many properties are currently on the market and the absorption rate; and
• What price changes there have been to those properties still for sale.
When you fully understand all the details, you understand the market you are entering and are able to manage expectations and frustrations and can offset any disappointments.
Condition Affects Price
Yes, your price should reflect the condition. Putting your property in tip-top condition can get you one or two big benefits:
1. You get a better price. Make sure you invest at least what you will get back. Some changes are worth the payback, but some are not. I am happy to assist you with these decisions.
2. Your property sells faster and for more.
You have to decide what approach to take—spend money on essential improvements and maintenance work, or accept an offer that reflects the work your buyers believe they will need to do. Always remember that buyers see the obvious and wonder about the not-so-obvious, so make it easy for them.
Location Is Important
Location isn’t entirely subjective—in fact, it’s based on a fairly static set of criteria. When you set out to shop for a new home, make sure the neighborhood isn’t just desirable to you but has objective qualities, such as attractive amenities, and is clean and well-maintained, which will help ensure your investment appreciates in value over time.
There are several techniques that can help you pick a desirable home location. If you are thinking of moving to a new neighborhood, or simply buying property in one, it’s important to recognize that the locals are an invaluable source of knowledge. Mention to someone in a local coffee shop or social setting that you are looking to buy in the area, and you’ll find that people are more than willing to share knowledge and insights.
Thinking of buying or selling? Let’s chat! I want to earn your business.
Catherine Schaeffer, DanSco Realty Group, 480-650-3444