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Pricing your property is a very important part of the overall process. It is the
foundation on which getting your house sold in a reasonable time frame is based. Of course there
are other factors such as condition and location which are part of the equation as well.
A knowledgeable real estate agent will take a look at what has sold within the past
six months. Whenever possible doing their best to use similar properties, i.e., capes to capes,
colonials to colonials, etc. During the process of giving you what is called, an opinion of
value, or current market analysis, the real estate agent should back up any and all
pricing with good data.
Placing a house on the market and asking for a price higher than what the market
will bear is often times a big mistake. Saying, "I need to get X in order to purchase my next
property," isn 't necessarily realistic. No matter what the market trend is at the time, very
slow to very active, or anything in between, keep in mind that the buyers will determine the
value.
A real estate agent should help you determine how you want to position yourself
with your competition. A good agent will give you the total picture, not just simply a price, when
helping you to get your house marketed and sold.
As Realtors we have a definite responsibility to our sellers. It is wrong, and goes
against the Realtor Code of Ethics, if a real estate agent over prices a property, in
order to obtain the listing. In the Realtor Code of Ethics it specifically states the
following, "Realtor 's, in attempting to secure a listing, shall not deliberately mislead the
owner as to market value."
In conclusion, a Realtor is obligated to give you data backed up with facts, and
then addressing your specifics needs and desires in helping you to get the fair market value for
your property. Like anything else, motivation is a key factor for any seller, or buyer for that
matter. All sellers, for the most part have holding costs, i.e., mortgage, tax, and maintenance
costs. The sooner you can eliminate these costs and move onto your new home, the better.
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