Smart Pricing for Maximum Returns

Piedmont Preferred Realty, Inc. serves real estate sales needs of home sellers in  Chapel Hill, NC; Durham, NC, Chatham, Durham and Orange Counties, North Carolina

What determines how much your house is worth?

The location, condition, and availability of similar homes all serve as indicators of fair market value.

How do you arrive at fair asking price?

Piedmont Preferred Realty, Inc. offers (to homeowners who request one) what we call a Complete Market Analysis. In the Complete Market Analysis, we consider the current market trends, other similar homes in your neighborhood currently on the market, homes “similar” that were on the market and have expired recently, ”similar” homes that have sold recently, and your goals and priorities.   This a multi faceted approach that gives a more complete picture than the standard comparative market analysis.

How does the condition and the features of a home affect asking price?

The condition, features and amenities of your home as compared to the condition, features and amenities of other similar homes that have sold recently are crucial considerations in evaluating your options, goals and determining your asking price.  A brief note: Additional and upgraded features may or may not increase your home’s value.  Whether or not the value goes up with a particular feature depends on a variety of factors.

What if my home has unique features and I am in no hurry to sell?

Some homeowners make the mistake of thinking that setting the price higher than market indicators suggest will eventually bring a buyer who will pay for those unique features.  This could be the case; however, there will likely be a number of qualified prospects that will eliminate your property from consideration (especially if there are homes similar to yours currently on the market in your neighborhood that cost less).  People sometimes do pay more for special features, but by pricing with that in mind, the market narrows considerably.  Some homes that are too high from the beginning become shop-worn, and, when they eventually sell, they sell for less than they would have were they priced correctly in the first place.  It is usually wise, if a market is bringing you no new offers and if the home has been staged and marketed properly, to lower the asking price if that is possible.  There’s nothing like a reduction in the price to open up the market to more buyers!

What about starting off asking the higher than fair market price and coming down later?

Generally, most activity happens the first few weeks a home is on the market; therefore, a higher price may deter qualified buyers. Setting the "right price" from the start is usually best.  Now, determining “fair market price” is something of an art, with some science mixed in. For its sellers, Piedmont Preferred Realty, Inc. offers a Free Appraisal option as part of our 20 Point Marketing Plan.

Having your home appraised benefits the homeowner in several ways:

1) It’s the most objective evaluation you can buy. 

2) It lends credibility to your home’s pricing if it is revealed. 

3) It gives peace-of-mind to the seller knowing your home will appraise. 

4) It creates some leverage in a negotiation, particularly when presented with a low offer.

5) If you let it be known that an appraisal was completed, it suggests that you wished to price your home fairly.

The appraisers we recommend to our sellers are among the most reputable in the Triangle!  Determining the right price for your home involves being informed by the Complete Market Analysis, assessing your goals and priorities.