Pricing your home in a buyers market

It's tough being the seller in a buyer's market. But you can improve your odds with the right research.

In many cases, making a smart deal and getting the best price come down to studying your market and being an educated seller.

You've got to know more than you would have if you'd sold a year ago. If you want to protect yourself, you have to become knowledgeable.

Recognize that housing markets are local:
Home prices are like the weather -- very different in different areas. In many markets, home prices have actually gone up from last year, says Dick Gaylord, president of the National Association of Realtors. In addition, demand will change depending on the price range and even the neighborhood.

What you need to know:
What's the demand for a house like yours in your area?
You have to look at what's being sold and at what price. That's important.
Look at comparables for similar houses. Study prices and sales for one year ago, six months ago, three months ago and the current numbers.
What are the trends? Are prices going up or down -- and by how much? How many days are homes staying on the market? If they are on the market longer, how much of that could be seasonal? In many areas, spring and summer are the busy seasons.
Pay special attention to the data between the list price and the sales price. That is, look for a meaningful relationship between list price and sales price.

Know what your house is worth:
Talk to a handful of agents. Get an appraisal from a certified professional appraiser. Look at your comparables. Taken together, that information will give you a pretty good idea of what your home is currently worth.

Analyze who is buying and selling in your market:
What's your competition? Who are the buyers, and why are they shopping?

Assess the market where you plan to buy:
If you're selling one house and buying another, look at the market where you plan to move. It might be that, with the housing there, it's a great time to buy.

About Bradley E. Arnowitz, P.A. & Associates
Bradley E. Arnowitz, P.A. & Associates of Re/Max Beach Properties http://www.arnowitzproperties.com/ is a full-service firm providing brokerage, development, sales investment, property management, asset management, and residential services for office, multi-family, industrial/commercial, residential, and retail properties.

Bradley E. Arnowitz, P.A. has been serving South Florida with Honesty, Integrity, & Results since 2001.
http://www.honestyintegrityresults.com/

For more information, visit Arnowitz & Associates on the web @ http://www.arnowitzproperties.com/ or contact the firm at Re/Max Beach Properties, 1355 Alton Road, Miami Beach, FL 33139 or Re/Max Beach Properties, 672 E. Hallandale Beach Blvd, Hallandale Beach, FL 33009

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