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Pricing your property is a very important part of
the overall process. It is the foundation on which getting your
house sold in a reasonable time frame is based. Of course there are
other factors such as condition and location which are part of the
equation as well.
A knowledgeable real estate agent will take a look
at what has sold within the past six months. Whenever possible
doing their best to use similar properties, i.e., capes to capes,
colonials to colonials, etc. During the process of giving you what
is called, an opinion of value, or current market
analysis, the real estate agent should back up any and all
pricing with good data.
Placing a house on the market and asking for a
price higher than what the market will bear is often times a big
mistake. Saying, "I need to get X in order to purchase my next
property," isn 't necessarily realistic. No matter what the
market trend is at the time, very slow to very active, or anything
in between, keep in mind that the buyers will determine the
value.
A real estate agent should help you determine how
you want to position yourself with your competition. A good agent
will give you the total picture, not just simply a price, when
helping you to get your house marketed and sold.
As Realtors we have a definite responsibility to
our sellers. It is wrong, and goes against the Realtor Code
of Ethics, if a real estate agent over prices a property,
in order to obtain the listing. In the Realtor Code of
Ethics it specifically states the following, "Realtor
's, in attempting to secure a listing, shall not deliberately
mislead the owner as to market value."
In conclusion, a Realtor is obligated to give you
data backed up with facts, and then addressing your specifics needs
and desires in helping you to get the fair market value for your
property. Like anything else, motivation is a key factor for any
seller, or buyer for that matter. All sellers, for the most part
have holding costs, i.e., mortgage, tax, and maintenance costs. The
sooner you can eliminate these costs and move onto your new home,
the better.
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