The Roy Utah real estate market is showing signs of recovery but theres an underlying theme for homes that are sold. They either were priced really well from the start and sold rather quickly, or they lingered on the market for a long time finally being sold after multiple price reductions. So what does it take to sell a home these days? Theres nothing one can really do other than price the home correctly.
No matter what real estate market youre in, pricing your home takes expertise and knowledge of current market trends. What you paid for your home has no bearing on what the home will sell for in todays market place.
Once you realize, as a home seller, that the price of your home is dictated by the current market trends, youre on your way to pricing your home to correctly. Its a science that Realtors and Appraisers use to determine a price point not emotions.
You must leave all emotional attachment at the door when deciding on a price. What you would pay for a certain feeling of warmth or special memory may not be the case for a potential buyer.
Emotional attachments can hamper the sale of your home. Realtors allow you to get a third party opinion on what your home value may be in todays market without the emotional attachment.
Selling a home in a down market is difficult and very frustrating if you dont take the initial steps of pricing it right. Youll be competing against distressed property owners including Roy short sales and Roy foreclosures. These properties are usually priced at or below market value making it difficult to grab a buyers attention if youre over priced. In order to compete with these properties, you have to make your price competitive.
I like to give my sellers three pricing points when I do an initial market anlysis. The first pricing point should help the seller get their home sold within the first few weeks of being on the market. This price is usually just below current market value and allows a seller to sell quickly without chasing the market.
The next price point is a three month listing. This price point should give you a price that would take you up to three months to sell. This price is only good if the market is steady or on a slow decline. If your market or neighborhood is declining to quickly, this price will be overpriced in just a few months!
The third price point probably over priced and I would ask you to use another Realtor. If you believe you can price your home and sell it at this price point, I will not take the listing. The problem with this price is its more than the market will bare.
Your home will sit on the market costing you mortgage payments, maintenance costs, insurance, and interest. It will cost me valuable marketing dollars, my time, and it wont sell. Its not worth putting on the market if you cant price reasonably.
A well priced home is the only way to sell in todays market. You cant overprice a home and not expect it to sit on the market for months unless you make a drastic price reduction in the future. People are selling in todays markets, you just have to be willing to price your home competitively.
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