How is the marketing price decided on a listing?
Our job, as long-term, full-time real estate professionals is to assist the sellers in determining what is the right asking price for their home. This article will take you step-by-step before and during the actual listing presentation.
Initially, we have to have some knowledge of what the property offers and what are the bones and components of the house; overall condition, size, bedrooms, baths, basement (finished), garage, yard, etc. We usually do a pre-appointment “drive-by” to eyeball the house itself and any extraneous factors that may affect the evaluation.
Next, we do extensive research of the area of similar homes, types, square footage, etc. that are active on the market, recently pending, and of course, the homes that sold and settled. What we realize is that similar homes don’t all sell at the same prices so we have to look at the range of sales and then see how the subject property falls within a range.
After previewing the house, we explain there are three steps in the processing process; first we call the owner/realtor. In this first step, we explain that the seller and the agent have to have a reasonably similar opinion of the property. Things can’t move forward without this. Know that it is rare that a seller with limited access to information doesn’t have a reasonable opinion already in mind.
The second step is owner/buying public. Regardless of what the seller and agent sense will happen, we still need an independent third party to come out and agree with us.
The third step is the buyer/bank/appraiser. Once a deal has been struck, the buyers make a mortgage application, and the bank sends their certified appraiser. The job is to determine two things; is the house fundamentally safe to lend money on and did it sell within a reasonable range of what recently sold homes have sold for, within the range we spoke of. Once their evaluation matches or exceeds the agreed upon price, we move towards closing.
For this type of real estate service, look no further than the Waldowski Team at Re/Max One with over 80 years of professional real estate expertise. Please reach out to both Meg and Paul Waldowski at Re/Max One to start your successful journey. (M: 215-275-6940) (P: 215-275-6741).