For Sellers: Determine Your Price Range

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One of the most difficult decisions for sellers is determining their price range. Pricing is difficult because they tend to overestimate the value of their homes. Because let’s face it, it is hard to be objective about your own home. You’ll miss the opportunity to attract a lot of buyers during the first three or four weeks that the property is on the market if you overprice. The first few weeks are a high-traffic period of time since buyers like to  check out the new listings. Ask your real estate agent to give a written comparables or ‘comps’ and ask for a recommendation as well.

You may also want to have an appraisal which is an estimate of fair market value made by a professional real estate appraiser. The appraiser will use available market data, calculations of replacement cost, physical depreciation of systems and other factors to determine the market value of your home.

For selling a home, as well as buying, it is a plus as well as very helpful to learn the art of negotiation. Always seek advice from your agent, or you may read a book on real estate and negotiations. Because later, when things are moving quickly, you will be ready to respond to offers with decisiveness. And then you will be able to forge a win-win situation.

Remember that the economic environment will determine how much money people will spend. When people are feeling secure in their jobs and the interest rates are low, then they are more likely to spend more money. But when the interest rates rise or the stability of the economy is uncertain then the opposite is the case.