QUESTION: What factors go into the pricing of a home? Why do homeowners price their homes more than they would be willing to accept?
ANSWER: For me, pricing a home begins with a preview of the home. I take pictures & make observations about the home's condition, updates or lack of them, deferred maintenance, floorcoverings, counters etc. With this information I go back to my computer and pull up "comps". I enter in the property details of the home from the tax record first. The comparables include active listings, pending listings, and solds that are similar to the property being priced. Size of the home, year built, & size of the lot are important factors.
The ultimate price is set by the seller after they review with me the research. At times they have an idea of what they want to net from the home and price it accordingly. In this buyers' market this is not a good strategy.
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