The Critical Importance of Ensuring Your Home Is Correctly Priced

Real Estate Broker/Owner with Everest Peak, Inc.

While it is great to be able to consistently report how well the local real estate market is fairing, it's also true to say that correct pricing of your home is still a critical element in the selling process.

Although fast sales and multiple offers are much more commonplace these days, and even as inventory of available homes for sale struggles to keep pace with current very high demand, it's still very still possible to price your home above true market value, with serious consequences.

Unfortunately, it's so simple to get a false impression of what your home might be worth and the central culprits for that perception these days are the various generic home pricing websites. These are notoriously inaccurate. Each website uses different calculation methods to arrive at a quoted price for your home, so there is no consistency. They also gather their information from the county assessor's office, so if you've made an addition on your home that wasn't recorded by the assessor, then your value will not be accurately reflected on these sites.

Generic sites are always pricing from an historic perspective, meaning that their prices are based on information that's at least three months old.

This isn't to say that these sites are of no use, of course, but it is essential to treat them as providing the most broad brush approximation of your home's actual current value. If, for example, you haven't looked at home values for a number of years, these sites can be a quick way of providing you with a very, very rough idea of how much the price has changed, but little more than that.

Here's an area where hiring a listing agent is so vital, because successful agents are the best qualified professionals to have the day-to-day overview of the market and information to back it all up.

An agent will not only be able to run a thorough check on what current homes like yours are selling for in the area, but will also be able to access a wealth of data on historic sales. While accessing old data is the same thing that a generic website does, to some extent, the difference here is that the agent will have personally inspected your home and be aware of all its features and advantages/disadvantages over homes currently for sale and recently sold.

Agents also have a much better perception of where the market is headed and can therefore give insight to the most optimistic, yet realistic, window for your asking price. It's also quite common for generic sites to undervalue your home as well...

Always remember that the asking price of your home has a very direct effect on the number of viewings you are likely to achieve. Overpriced homes are often simply ignored, even when there's a shortage of similar properties.

Remember that buyers can only consider what they are able to afford and will only be qualified for a home loan to a certain level. Your home therefore has to be skillfully priced "in the market" so that you receive the right levels of attention from those looking for a home like yours.

If your home has already been listed for some time and you are getting nowhere, even in today's stunning Albuquerque area market conditions, there's a very good chance that your price is not "in the zone". Why not call us today for an independent expert assessment of your home's true current worth - it could be the difference between a fast sale at the best price, or continued frustration and your future plans on hold.





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