Beverly Hills – 5 things To Know Before Putting Your Home Back On The Market!
May 28th, 2009 categories: Sellers
If the listing or marketing agreement you had with your real estate agent and his/her company has, as the real estate industry says, “expired,” and you are looking to re-list your property, make sure you educate yourself on the many vital factors that will influence the sale of your home.
Remember, there is only one reason why your home didn’t sell…and it isn’t price. While price is certainly one of these marketing factors, it is not the only reason why your home did not sell. As you re-evaluate the proper pricing strategy for your home, request an updated market analysis from your real estate agent, and make sure it details the current pricing trends for your overall marketplace including:
- Days on the market for properties in your specific price range
- The list-to-sales price ratios for homes that have sold (the more recent the better)
- Square footage cost (ask agents how and if cost per square foot may be relevant to price
- The number of price reductions or, where applicable, the number of price increases
- The number of homes currently active in your price point
When re-evaluating price, keep in mind that in specific circumstances, a lower listing price can actually lead to a higher selling price. Because the laws of supply and demand essentially govern all pricing, a lower asking price can generate more offers on your home, ultimately resulting in a higher sales price. Discuss the current supply-and-demand metrics that may be influencing home values in our neighborhood with any agent you’re considering working with.
If you have any questions, please feel free to contact me at: kathy@kathyvilla.com