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Pricing Your Home For Sale
By Roselind Hejl
Professional appraisers sum it up in three words -- buyers make value. Ultimately, the value of your home is what a buyer is willing to pay at a given time. Setting an asking price for your home requires that you anticipate what most buyers would be willing to pay. This involves a close look at comparable sales in your area, as well as an assessment of the real estate market itself. Pricing correctly is fundamental to the successful outcome in the sale of your home. Market Analysis Recent closed sales in your area offer the most relevant data for predicting the sale price of your home. Later, when your home is appraised for the buyer's loan, the appraiser will only consider closed sales. List prices of homes on the market are of interest too, because they show the current pricing trend.
If your home is superior or inferior to most homes in the neighborhood, or if there are no nearby sales, then it will be more difficult to anticipate the responses of potential buyers. In this case, a strategy of trial and error may be necessary. This strategy will require a realistic assessment of buyer responses. Sometimes buyer responses are unrelated to the size and condition of the home. For example, in an area where most buyers have grown children, a home with the master upstairs may not sell as high. Real Estate Market An important part of pricing is an assessment of the state of the real estate market. The market may favor sellers or buyers, or be in balance. An indicator of the quality of the market is the number of months of standing inventory in your market and price range. Use this formula to estimate months of inventory: 1) Count the number of sales in your market area and price range for the past 12 months. (Example: 60 sales between $300,000 - 500,000) 2) Divide the number of sales by 12, to get the number of sales per month. (Example: 5 sales per month) 3) Count the number of homes on the market now. (Example: 100 homes between $300,000 - 500,000) 4) Divide the number of homes on the market by the number of sales per month (Example: 100 homes selling at a rate of 5 per month = 20 months of supply). The current inventory divided by the rate of sale shows the number of months it will take to clear the current inventory, and reveals the condition of the real estate market. Seller's Market Less than 6 months of unsold inventory is considered a seller's market. In this market, there is a large number of buyers in proportion to the number of homes for sale. The demand for homes is greater than the supply. Buyers must compete with each other for homes. Sellers often receive multiple offers. Buyers will submit the highest price that the market will support. Prices will trend upward. In a climbing market, it makes sense to price slightly above recent sales. Buyer's Market More than 8 months of inventory is considered a buyer's market. In a buyer's market the number of homes for sale is large compared with the number of buyers. This market is created by excessive construction, employment decline or high interest rates. A low number of buyers relative to the inventory results in lower prices. Sellers must compete with each other for available buyers. Prices trend downward. In a falling market, prices should be set at
New Business Opportunity Made Possible by Foreclosed Homes
Millions of vacant homes and a boom in foreclosed homes nationwide have created a lucrative new business opportunity for people looking to break into the foreclosure cleanout industry, says author of "Make Money Cleaning Out and Maintaining Foreclosures" and president of J T Stewart Enterprises, Inc. (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/foreclosed_homes/business_opportunity/prweb1630474.htm ]]>
Dallas Sets Sights on Fully Sustainable Square Block Downtown: Local, National Leadership Converge In Dallas to Examine Impact, Design
The City of Dallas will host a full-day "Design Charrette" this Friday to examine the necessary framework and community impact of what will become the first fully sustainable, urban square block in the United States. The Charrette, attended by community design and urban planning experts from across the nation, will be held at City Hall from 8:30 am until 5:30 pm. The outcome of the day will include a series of recommendations which will in turn structure an international design competition to create the actual block. That competition, hosted by Urban Re:Vision and kicking off in January 2009, will invite architects and planners from around the world to translate the needs of the Dallas Community into structural designs for the future city block. (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/revision/dallas/prweb1693214.htm ]]>
Grant McCullagh Joins RCMS Group Advisory Board; Former AECOM Vice Chairman to Lend Experience to BIM Services Firm
RCMS Group, the industry leader in Building Information Modeling (BIM) services to the design and construction marketplace, today announced that Grant McCullagh has joined its Board of Advisors. Mr. McCullagh is a highly regarded leader in the engineering and construction industry. Having served as Vice Chairman of AECOM, Co-founder & CEO of McClier Corporation, and Vice President of The Austin Company, Mr. McCullagh's industry experience is wide as well as deep. Mr. McCullagh also has a strong background in global markets where services have included program management, engineering, construction management, design/build, management consulting, and O&M services. (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/BIM/rcms/prweb1693424.htm ]]>
Singapore Medicine - Singapore Ups the Ante for Private Medical Care
Singapore's medical landscape will see a significant addition come 2010, when the country's first fully-integrated mediplex opens to patients both foreign and local. (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/singapore-medicine/asia-leading-medical-hub/prweb1666614.htm ]]>
North Carolina Company Places Cure to Housing Industry Woes in the Palm of Your Hand
Getta Jumpr, LLC introduces its on-demand, mobile, software-suite for the real estate and housing industry. Jumpr allows individuals and professionals alike to simply, quickly and accurately estimate property conditions, make property transaction decisions, plan home improvement and remodeling projects and provide easy team collaboration and project management solutions. (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1652154.htm ]]>
Emecole Offers Contractors New Basement Waterproofing System and Partially Finished Basement Opportunity
Remodeling usable living space at a price many homeowners can afford creates a generous new revenue stream for basement waterproofers and repair pros (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1673474.htm ]]>
Jamaica Real Estate Is The New Safe Haven For US Stock Market Investors
American investors are venturing abroad to buy Jamaica property as a lower cost option yielding an annual rate of return of more than 10% and providing steady rental income. With Eastern Europe and Asian markets collapsing under the weight of the credit crisis, the unscathed Caribbean islands have become a very attractive investment location especially in Jamaica real estate. (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/jamaica-real-estate/property/prweb1684154.htm ]]>
Intergraph® Releases SmartPlant® Enterprise for Owner Operators Project Execution Solution
Solution manages project change, non-conformance and queries and reduces CAPEX by two-five percent (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1691534.htm ]]>
There is Still Time to Paint to Make Your Home Shine This Holiday Season
Paint this weekend and turn the inside of your home into a warm, colorful gathering spot for the holiday season. For less than the cost of dinner out, you and your family can transform the look of any room in the house. There is something for everyone to do as you add cheer, fun – and a touch of family pride – to this holiday season. And the room will look great, too. Here are three holiday paint tips from the experts at Rohm and Haas’s Paint Quality Institute to help get your home holiday-ready: (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/paint_quality/quality_institute/prweb1694274.htm ]]>
Hayward Baker Announces Staff Promotions at Chicago and Dallas Offices
Hayward Baker, Inc. North America's leading geotechnical contractor, announces staff promotions at its U.S. office locations in Roselle, IL and Dallas-Ft. Worth. (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/Hayward_Baker/Geotechnical_Contractor/prweb1695574.htm ]]>
McGraw-Hill Construction BIM Report Shows Growing Demand for Digital Models, Training
Survey respondents attribute ROIs of 300% to 500% to BIM implementation (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/McGraw-Hill-Construction/BIM-SmartMarket-Report/prweb1697814.htm ]]>
Overly Door Company Selects BuyDesign® Flex3D Product Configurator Extension to Generate 3D CAD Models
Specialty Door & Window Manufacturer to Streamline Processing of Configure-to-Order Doors (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1670344.htm ]]>
TRA Continues Leadership in Safety Management Software with IndustrySafe Safety Software Release 3.08
TRA is pleased to announce the release of Version 3.08 of IndustrySafe Safety Management Software, adding enhanced features and functionality to IndustrySafe's safety data management capability. IndustrySafe Safety Software provides organizations with incident tracking, OSHA reporting, inspections, training tracking, claims, hazards, corrective actions and more. (PRWeb Dec 2, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1675334.htm ]]>
HBH Gas Systems to Install Community Propane Gas System at The Villas at Lakecliff Near Austin, Texas
HBH Gas Systems and the developers of The Villas at Lakecliff have partnered to bring eco-friendly, affordable gas fuel to the homebuyers in this new upscale community just west of Austin, Texas. Because the community is located in an area that lacks access to natural gas, the developers turned to HBH Gas Systems to provide turn-key gas utilities with a Central Community Gas System. This Central Community Gas System will provide individually metered gas utilities to the 71 single-family detached residential units in The Villas at Lakecliff. The system will be serviced, metered, and billed just like natural gas; the gas is piped underground from a centralized facility. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/HBH_Gas_Systems/Villas_at_Lakecliff/prweb1664154.htm ]]>
Samson Carts Introduces First Sustainable Dolly
New Dolly Could Save 175,000 Trees and Reduce CO2 by 61,764 Tons per Year (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1680874.htm ]]>
Americas Watchdog Wants to Talk to the Employees of Major U.S. Homebuilders About Undocumented Construction Workers and a Possible Reward
Americas Watchdog and its Wall Street Fraud Watchdog have been investigating the employment practices of the largest homebuilders in the US for five years, with the conclusion that millions of undocumented workers did most of the building. The problem: while most of the undocumented workers were classified as "sub-contractors", they were in fact full time employees, and they did not receive overtime, or other benefits afforded to US full time employees. According to the Wall Street Fraud Watchdog & the Homeowners Consumer Center, "if big US homebuilders think they are about to get a windfall from the US taxpayers, think again, its show & tell time. Start thinking about prison, if you are a large US residential homebuilder CEO, COO or CFO." Large US homebuilder superintendents or executives with substantial proof may be eligible for a significant reward. Large US homebuilder superintendents or executives can call the Wall Street Fraud Watchdog anytime at 866-714-6466 or visit their web site at http://WallStreetFraudWatchdog.com. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1684104.htm ]]>
Shaikh Holdings Wins Best International Golf Development Award For Sanctuary Falls
Shaikh Holdings, a leading Dubai based real estate investment and development company, has won the 2008 'Best International Golf Development' award for their Sanctuary Falls development at the International Property Awards held at the Ritz-Carlton in Orlando, Florida on 7th November, 2008. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/Shaikh_Holdings/Best_Golf/prweb1685664.htm ]]>
Used Machinery Sales Online: EquipmentAlley.com Opens the Bidding
A new online Web site for used agricultural and construction equipment provides users with the opportunity to bid on used equipment from sources around the world as well as their own regions. EquipmentAlley.com offers a centralized marketplace for users to find, list, buy or sell, with no fees or charges to bidders and buyers. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/usedfarmequipment/usedconstructionequipment/prweb1686254.htm ]]>
SnowBlowersDirect.com Announces Best Electric Snow Throwers
SnowBlowersDirect.com Announces Best Electric Snow Throwers. Recommendations Based on Sale Rates and Customer Reviews. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1673744.htm ]]>
Mesothelioma Law Firm Reaches Out to Patients and Families Online
SimmonsCooper, a nationwide law firm dedicated to helping patients and families affected by mesothelioma, a rare cancer caused by asbestos exposure, has launched a new blog for education and support. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008mesothelioma/11blog/prweb1674234.htm ]]>
Industry Experts to Headline the NDRExpo's Debut Conference Program
National disaster recovery and reconstruction experts headline the first National Disaster Reconstruction Expo's (NDRExpo) conference program. The NDRExpo was developed to unite the numerous vertical markets associated with disaster preparation, response, recovery and rebuilding. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1680844.htm ]]>
EGL Company Announces New Head Phosphor and Coatings Engineer
EGL Company, Inc., a New Jersey based manufacturer of specialty lighting products serving the neon sign and custom lighting industry is proud to announce the appointment of John Tulk as head phosphor and coatings engineer. At EGL John will focus on developing new coatings and colors that offer more lumens per watt than traditional neon colors, as well as perfecting EGL's neon phosphor and coatings for the P.O.P and neon signage industry. John's background at Sylvania, Osram Lighting, and Voltarc Technologies, Inc. make him the perfect match to the unique challenges he will face at EGL. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1681324.htm ]]>
The Marketing Directors' Jacqueline Urgo Named "Person of the Year" by The Associated Builders and Owners of Greater New York (ABO)
The Marketing Directors' Jacqueline Urgo has been named the 2008 Person of the Year by The Associated Builders and Owners of Greater New York (ABO). Ms. Urgo was awarded the prestigious honor during ABO's 98th annual Anniversary Dinner-Dance which was held on Thursday, November 6th at the New York Marriot Marquis Hotel in New York City. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/marketing/Directors/prweb1683474.htm ]]>
Mesothelioma Victims Center to Expand Its Services for U.S. Veterans Struggling to Get Treatment for Mesothelioma in the U.S. VA Healthcare System
The Mesothelioma Victims Center is the premier advocacy group in the US for Veterans, or US citizens, who have been diagnosed with mesothelioma. The group is now expanding its services for US Navy or US Armed Forces Veterans who, because of exposure to asbestos, have been diagnosed with mesothelioma. The Mesothelioma Victims Center will now help all mesothelioma victims or their families who served in the US Armed Forces, to insure they get the best possible treatment from the VA. The group will also work with a mesothelioma victim or their families on topics ranging from obtaining the names of the absolute best law firms in the nation to assist the victims and their families, to help with VA or Social Security benefits, to a tailor suited report, as to what could be the best treatment options in the area of the mesothelioma victim-all at no charge. There is no service in the world that even comes close to the Mesothelioma Victims Center. Mesothelioma victims or their families can call the Mesothelioma Victims Center anytime at 866-714-6466 or visit their visit their web site anytime at http://MesotheliomaVictimsCenter.com (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1683704.htm ]]>
CADsmart Releases Revit Skills Assessment Software The First Independent Live Skills Assessment to Capture the Proficiency of Revit Users
Leading developer of CAD & BIM skills assessment software for the AEC sector, CADsmart today announced another world first - a fully interactive skills assessment module for Autodesk's popular Revit® platform. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1675764.htm ]]>
Priority Appliance Selected Exclusive Viking Appliance Service Company for Vancouver, BC
Priority Appliance is pleased to announce it has been selected by GateWay Appliance Distributing as the exclusive Viking appliance service and repair company for Vancouver, BC. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1681594.htm ]]>
December 17 Conference Call to Discuss Residential Construction Lending
Granite Loan Management (GLM) together with National Association of Residential Construction Lenders (NARCL) - a nonprofit national trade association representing financial service providers in the residential construction industry will be hosting an "ALL MEMBER" conference call on Wednesday, December 17, 2008 at 2:00 PM (EST). (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1455634.htm ]]>
Jessup Manufacturing Introduces Photoluminescent Egress Systems
Photoluminescent Egress System components by Jessup Manufacturing are the environmentally conscious and cost effective way to meet fire code. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1666444.htm ]]>
Architectural Services Firm Launches Design Efficiency Website to Help Developers Maximize Profits
New website will offer developers a no cost, no obligation review of existing drawings, leading to recommendations that add project value or verification that existing drawings already achieve optimum design efficiency. (PRWeb Dec 1, 2008)
Read the full story at http://www.prweb.com/releases/2008/12/prweb1679214.htm ]]>
Mecmesin: "Let There Be Light!"
Mecmesin has helped an electrical contractor carry out testing of a local authorities' town centre Christmas lighting display, to meet the requirements of a new safety code of practice. (PRWeb Nov 30, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1679844.htm ]]>
We got Timing Right, says Anglian Home Improvements
One of the biggest names in the double glazing and home improvements industry yesterday predicted that profits will rise this year despite the slowing economy, troubled housing market and dented consumer confidence.Anglian Home Improvements said revenues were down but profits were up in the six months to September - and forecast a better financial performance this year than last. (PRWeb Nov 29, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1678004.htm ]]>
HQ of Leading UK Supermarket Chain Adopts Rainwater Harvesting to Help the Environment
Involvement in what is probably the UK's largest rainwater harvesting scheme at Morrisons' headquarters in Bradford prompted Mike McKee, managing director of gutter and roof trim specialist, Guttermaster, to consider how this technology can be used in other building applications. Rainwater harvesting is a simple and relatively low cost technique that can deliver immediate benefits, have a short pay back and produce an enduring legacy. (PRWeb Nov 29, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1677714.htm ]]>
Copper Exclusive to Offer Consulting and Instruction Services for Fine Metal Roofing Techniques
Erno Óvári, one of the world's top copper and fine metal roofing artisans brings his European background, experience and education to benefit the American fine metal roofer. The disparity between the educational opportunities for craftspeople in America versus Europe is great. Óvári hopes to help usher in an era of quality American building craftsmanship by sharing his vast knowledge with others. (PRWeb Nov 28, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1673984.htm ]]>
Tallest Building in China Breaks Ground
Design completes super-tall district, showcases sustainable public space. (PRWeb Nov 28, 2008)
Read the full story at http://www.prweb.com/releases/worlds_tallest_building/shanghai_china_gensler/prweb1674494.htm ]]>
Safestyle UK Solution for 'Cash In The Attic' Winner
BBC TV's latest "Cash in the Attic" winner, Robert Irving has chosen to upgrade his mother's apartment with Safestyle UK windows. (PRWeb Nov 27, 2008)
Read the full story at http://www.prweb.com/releases/safestyle-uk/cash-in-the-attic/prweb1676824.htm ]]>
Strategic Development Holding Company Announces Commercial Real Estate Acquisitions and Project Management Services Agreements
Commercial Real Estate Development Company announcement for most recent acquisitions and development projects. (PRWeb Nov 27, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1672364.htm ]]>
M&L Joins Global Pneumatic Tool Market with Patented Design and Effective Performance
With abundant OEM/ODM experiences in designing and manufacturing air screwdrivers and pneumatic tools, M&L now introduces their premium hand tool series to worldwide customers and looks forward to future business partnership. (PRWeb Nov 27, 2008)
Read the full story at http://www.prweb.com/releases/air_screwdriver/pneumatic_tool/prweb1671744.htm ]]>
Clarksonic Ultrasonic Flow Transmitters Bring "Sing Around" Technology to Wide Range of Applications
Clark Solutions ClarkSonic Ultrasonic Flow Transmitters are ideal for measuring flow in most clean liquids and many liquids with entrained solids. Applications include monitoring flow rates of chilled or heated water as part of a green technology program as well as in municipal, process, and industrial systems. ClarkSonic Ultrasonic Flow Transmitters free users from having to calibrate the transmitter to fluid temperature, viscosity, or density making them very easy to deploy and very reliable. (PRWeb Nov 27, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1668904.htm ]]>
ConcreteNetwork.com Releases New Concrete Calculator Widget for Contractors
ConcreteNetwork.com offers a downloadable concrete calculator widget for convenient calculations. The calculator widget allows contractors to calculate precise amounts of concrete needed to complete concrete slabs, footings and columns. (PRWeb Nov 26, 2008)
Read the full story at http://www.prweb.com/releases/2008/11/prweb1662974.htm ]]>
F-GAS Regulations - Preparation Theory Course is OUT NOW
A first class preparation course on the theoretical knowledge required to obtain the new F-GAS Certification is available at elearning-training.com from now. (PRWeb Nov 26, 2008)
Read the full story at http://www.prweb.com/releases/F-gas/F-gascourse/prweb1617524.htm ]]>
the lower end of the range because time works against you - in six months prices may be lower. This may be difficult to do, especially if the home was purchased at a higher price. Price Per Square Foot Dollars per square foot is often used as tool for comparing homes. Keep in mind that you must make a sliding scale adjustment from larger to smaller homes. In other words, the larger the house, the lower the price per square foot for comparable properties. This is because the core square footage of a home has a higher value than the peripheral area. The price per sq. ft. on a 1,000 sf home will be much higher than a 5,000 sf home, for similar quality homes. Should you price high, and hope for an offer? Houses should not be priced over the market. This is not the best way to position your home for several reasons: 1) Your home will be shown to the wrong group of buyers. The buyer who steps forward will be an aggressive negotiator - someone who will make a low offer. 2) You will inadvertently help to sell the competition. Your high price will convince buyers that another home is a good value. 3) Your best leverage occurs during the early marketing period. Your days on the market is evident to buyers, and is a subtle but important factor in their decision. How will you know if the price is correct? Second looks from buyers is the best affirmation of correct pricing. This indicates that your home appeals to buyers in your price range. There may be a few nibbles before a buyer comes forward who is ready to act. It helps to get feedback from showings. However, keep in mind that buyers and agents are often reluctant to say something negative. Look at the overall result of all showings for confirmation of the price . If you are getting lukewarm responses, this will require a strategy of price reductions. How long should you market a home at a given price? There is no standard time frame for marketing at a given price. About 8-10 showings is a reasonable number to get a sense of the market response. This usually corresponds to about 2 - 6 weeks for an average home in a balanced market. About 30 days marketing time is a reasonable price test. However, this may be too short for an unusual or very high end home, for which there is a small market. Or, 30 days may be too long for your home if you need to move fast, and there is plenty of activity. What if your home does not sell in a reasonable time? If your home has been on the market for months with no offers, this is a clear message that the price is set too high. What you do at this point depends on whether you really need to sell. If you're not really motivated to move soon, you could wait for the market to move up to your price. It would be best to take your home off the market and wait for better conditions. Buyers are suspicious of a house that has been for sale for a long time. If you need to sell, consider a schedule for dropping your price until it reaches a level that attracts buyers. At the right price, you home will sell. ---------- Roselind Hejl, CRS, is a Realtor with Coldwell Banker United in Austin, Texas. Her website: Roselind Hejl's Austin Texas Real Estate Guide - http://www.weloveaustin.com - offers a wealth of knowledge about the City of Austin, homes for sale, market trends and the buying and selling process.
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