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How To Price Your Property Appropriately As Determined By Your Timeframe
Dated: June 1 2017
When considering a real estate sale, determining the correct list price is never an exact science and can sometimes be hard to define. If you have hired a Realtor to assist you with the sale, he or she should perform a thorough market analysis to compare your property with other recent sales and current inventory. After being presented with this information, you will likely have a range of prices from which to choose. To determine where in that range, or outside of that range, your property should be priced, you need to consider your objectives.
Aligning the list price with your objectives will help to ensure that your expectations are managed properly. There are several factors that will form your objectives such as how much you owe against the property, how much money you need to clear from closing, tax considerations, and the timeframe in which you need to sell. Of all the above mentioned influences, time may be the most significant as it will determine how much importance you can place on the other items. Although the health of the real estate market at the time of the sale will always have a significant impact on your pricing decision, below are some general guidelines to help you decide the correct list price as determined by your timeframe for closing the sale.
Less than 30 Days
At the very low end of recently sold prices, or slightly below. Under any current inventory prices.
30 to 90 Days
At the lower end of recently sold prices, and no more than current inventory prices.
90 to 180 Days
In the middle to upper range of recently sold prices, or slightly above. Competitive with current inventory.
More than 180 Days
At the higher end of recently sold prices, or above. Possibly higher than current inventory.
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As an Orange Beach homeowner and resident, Lance enjoys living the Gulf Coast lifestyle and is passionate about sharing it with others. He helps his valued clients achieve wealth creation and personal....
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