Pricing Your Home To Sell – December Market Update
In addition to location and condition, the asking price of a home is at the top of the list of important considerations. When a potential buyer is looking for a property, they want to get the best possible value for their dollar. This doesn’t mean that a home should be priced too low, but it does mean that knowing how to price your home is a must.
Know The Value
Regardless of whether you are in a buyer’s market or seller’s market, it’s important for every seller to know the actual value of their home with the help of an appraisal. With this information, you will be able to choose a listing price that does not exceed the home’s value. At the same time, you will know how to react to various offers that a potential buyer may make. If you can select a price that is affordable to a range of buyers, you may receive multiple offers thereby sparking a possible competition among the interested parties.
Do Your Homework
The asking price that you choose should not be based on an appraisal alone, but rather a combination of factors. One such factor is that of recent selling prices for comparable homes in the area known as “comps.” Important comparisons include construction year, square footage, views (if applicable), interior upgrades and additional features that make the home unique. While you’re doing research, check out current listings and the asking price for each home available in your area.
Set a Realistic Timetable
In researching the sale price for other comparable homes in the area, you should also note the length of time a particular house has been on the market. Some homes practically sell overnight, while others may remain on the market for months without being sold. If you want to sell your home quickly, you should consider this when setting a price. A bargain will obviously move quicker, but it’s important to make enough from the sale to feel good about your choice. If you aren’t in a hurry to close, talk with your realtor about a fair starting price that’s at or near the appraised value of your home.
Ask Your Realtor For Advice
While you hold the key, so to speak, to your house’s actual asking price, most sellers will ask their REALTOR® for their opinion. After all, real estate is their business and they will be working with you through every step of the process. If you choose a REALTOR® that you trust, give great consideration to the advice they offer.
Monthly Market Update
The inventory of homes available for purchase in the Orlando area has experienced its first year-over-year increase since July of 2015, reports the Orlando Regional REALTOR® Association. The overall inventory in November 2018 is 1.7 percent higher than in November 2017.
The overall median price of Orlando homes (all types combined) sold in November is $233,100, which is 3.6 percent above the November 2017 median price of $224,995 and 1.8 percent above the October 2018 median price of $229,000.
The average interest rate paid by Orlando homebuyers in November was 4.97 percent, up from 4.85 percent the month prior.
Homes that closed in November took an average of 53 days to move from listing to pending and took an average of 89 days from listing to closing.
For more information about the current Orlando market, watch the video below! If you want to know the value of your home in today’s market, click below to claim your free Comparative Market Analysis today!
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