The Home Buyer's Korner

Information presented should be used for educational purposes only.

January 18th, 2016

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NASHVILLE, TENNESSEE

Home Buyer’s Korner

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General Contractor G+

Setting Your Listing Price

The price is rightSetting your listing price is the most important aspect of the home selling process. Whatever your reasons for selling your home, you’ll have a number of decisions to make. Crafting your listing and to begin receiving offers from home buyers all begins with your initial listing price. Let’s take a look at just a few reasons why setting your listing price is the most important factor in your home sale.

You’ll scare off potential home buyers with a listing price that the market will not bear. The majority of interested home buyers become aware of your home in the first few days and weeks after you place your home up for sale, so it’s critical that your price isn’t set so high that it scares a number of home buyers off.

Some sellers believe it’s better to price high and let home buyers submit lower offers. The concept can be no further from the truth and work against you. It’s better to have your home priced comparable to the market and you can always refuse offers that you deem are too low.

Your listing price directly impacts how long it will take your home to sell. If you’re interested in seeing your home sell quickly, it’s best to have it priced competitively. Home Buyers will be shopping around for similar homes in your neighborhood and competitive areas. If there are other listings with lower prices on the market, you will find it will take you a while to get your home sold. Additionally, if you do find a home buyer that is interested, they’ll likely try to enter into price negotiations with you which can extend the length of the sale by a week or more as you go back and forth to reach an agreement.

A low price means leaving money on the table and an issue commonly found when you don’t use a real estate agent to help you price right. While pricing too high can cause issues with your sale, pricing your home too low isn’t going to benefit you either. You’ll likely find that you receive a high number of offers very quickly and end up leaving some of your home’s equity on the table – equity that you could easily have realized as buyers would have been willing to pay the difference.

Statistics compiled by the National Association of Realtors have shown homeowners who sell a home themselves begin by under or over pricing. In 2012 FSBO’s accounted for 9 percent of all homes sold and the typical FSBO sold for $174,900 as compared to similar homes sold by and experienced real estate agent for $215,000. In 2013, home sellers using the FSBO method remained at 9 percent, and although they have increased the sales prices slightly, they’re still leaving thousand on the table and getting worse at pricing a home. For 2013 the typical FSBO sold for $184,000 as compared to a similar home, which sold by an experienced real estate agent for $230,000.

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TENNESSEE HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace a deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document, click on “Open in New Window” located at the lower right corner;

click on “File”; then click on “Print”. In the center of the screen you will

have the option to “Create A Printable PDF of the Presentation”.

START YOUR PATH TO HOME OWNERSHIP TODAY

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