Wednesday, March 2, 2011

Tips for Pricing Your North Shore Home Correctly!

Selling your North Shore home can seem like an overwhelming process, but it doesn’t have to be! The last few years in the housing market have leaned in favor of buyers. Those selling their home this year fear that the market hasn’t changed enough to be able to get the desired price for their home. Sellers sense that selling in 2011 will still entail a long stint on the market with very little activity, and therefore get discouraged from selling at all.

As a North Shore Real Estate agent, I am continually receiving updates on the North Shore Real Estate market, and can attest to the fact that the market is experiencing a steadying balance between buyers and sellers. One of the key elements of getting your North Shore home sold is making sure your home is priced correctly from the beginning.

Recently Coldwell Banker sent out this report noting that home prices have leveled out to where they were in 2002.

The issue with home selling comes when homes are placed on the market far above their market value. Homes will end up sitting on the market for months at a time and are given to continued price reductions. The longer a home sits on the North Shore market; the less interest it receives. Buyers see this as a red flag that perhaps something is wrong with the home and they end up turning to the markets’ fresh listings.

So, how can you ensure that your home is priced right from the beginning? Your North Shore Real Estate agent will be key in helping you determine your listing price. While they have your best interest in mind and understand it’s important to get the best price possible; there are other important factors that play into the final price.

Your North Shore agent will first and foremost look into the comparable homes in the area. Noting what homes that are similar to yours in size, location, etc.. are being sold for is a good starting point. Your agent will also look at the cost of recently sold homes in your North Shore area and will study current market trends. Below are the other key points that will help determine your selling price.

1. Location- You can't get away from this one. If your house is located in a desirable North Shore area, you will be able to get a higher price than you can for the same house in an area that is not as popular. Distance to schools, stores, restaurants and other every day stops will play a role in the desirability.

2. Condition- A North Shore home that has been better maintained and shows better will always sell for more than one that has had deferred maintenance and needs work.

3. Desirable Amenities- If a house has amenities that are currently popular in the North Shore marketplace, it will bring a higher price. Your North Shore Real Estate agent will be able to give you a better idea of the type of amenities that the homes in your North Shore neighborhood offer.

4. Calculate the price per square foot- The average price per square foot for homes in your neighborhood shouldn't be the sole determinant of the asking price for your home, but it can be a useful starting point. Keep in mind that various methodologies can be used to calculate square footage.

Having your home appraised can be useful as well as you will have a formal written document of all of your home’s selling points. If you have questions about selling your North Shore home and have not yet found a North Shore Real Estate agent; please let me know! I have years of experience in selling homes in the North Shore Real Estate market and can help you price your home right from the beginning to ensure a seamless and stress free home selling process.

Please feel free to contact me anytime with any questions you may have or to get started! I look forward to hearing from you!

Janie Bress

Your North Shore Real Estate Expert

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