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Source: YouTube - Used under standard YouTube license terms.
When it comes to selling your house, you probably want to get the most money you can in the least amount of time, with the least amount of hassle.
To help you create the best pricing strategy, we've compiled research and advice from leading experts to give you the very best answers to the most common pricing issues and questions.
This is the result of countless hours of market study, including the review of thousands of survey responses, as well as list price and sold price data from literally hundreds of thousands of transactions.
And the research is clear: pricing a house for sale correctly from the start is one of the most important factors in ensuring that the house sells quickly and for the highest price possible.
The very best agents know the secrets to pricing a house right. And now you will, too.
In this video series, we'll explore how the market determines price, the value...
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Even the best houses on the market still face the issue of getting buyers' attention to show them that it's better. And that comes down to price, because that's how buyers search for homes.
Today almost 90% of buyers use the internet to search for homes. And the majority of agents use the internet to notify their clients of the best homes.
Let's consider how a typical online home search is conducted and you'll immediately see why it's important to price your home correctly.
The average home buyer enters in just a few search criteria: price first, and then number of bedrooms and bathrooms. And from those three items, a typical MLS will display hundreds, maybe even thousands of homes that meet the buyer's needs. From that list, the buyer and their agent quickly scroll through to find the few homes that they want to visit in person.
Search results group homes in price "brackets" or ranges...
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Just being on the market is not the same as being in the market.
To get a sense of this, let's look at a graph of houses on the market at any point in time. Here we have two criteria, price and condition. Taken together, price and condition equal value. The level of value determines where the house can be found in the graph.
Let's look at the price. Houses at the top of this line are priced above market value.
At the bottom are the houses that are the most aggressively priced. Discounted properties like foreclosures and short sales can be found in this area of the graph.
The other criterion is condition. On the right hand side, you have those homes that need the most work. They are in the least competitive condition and they haven't been staged well.
As you move to the center, you've got those homes that are in pristine condition. Think brand new homes -- or homes that don't need...
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So how do you know if your home is in the market or out of it? It's really as simple as showings and offers.
If you think you've priced your house right, and you haven't had any showings, the market is telling you that you're "out" of the market.
But what if you've priced it so that you're getting showings, but no offers. Statistics show that if your house has been listed for two weeks with showings but no offers, you're in this area: no buyers' land.
It's in this area that you're attracting the attention of buyers, but you're only helping to sell the house down the street. What's more -- Research shows buyer interest in properties generally declines sharply after the first several weeks. That means that showings without offers in the first two weeks are not only selling the competition—they mean you are going to lose buyer attention quickly in the very time when you need it most. Your goal...
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To sell, your house has to prove its value to three people: the buyer's agent, whose job it is to scout for the best homes in the buyer's price range, the buyer, who selects from these homes, and the lender, who decides whether the home is actually worth the price.
Your real estate professional will take all this into consideration when helping you set the list price. To do this, your agent will create what is commonly referred to as a Comparative Market Analysis, or CMA.
A comparative market analysis allows your agent to analyze your most up-to-date local market conditions by factoring in those houses that have recently sold; houses that have recently been placed on the market, or "listed"; houses that have expired or have been withdrawn from sale, and houses that are under contract -- or "pending."
Let's look at each:
Active Listings: these are listings that are currently on the market....
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If someone bought stock two years ago for $100 a share, and that same stock is now trading at $75 a share, no one would expect a buyer to pay $100 a share just because that's what the stockholder paid.
The same is true of real estate. The value of a house does not depend on how much you paid for it. Nor does it depend on what your neighbor says their home sold for, or how much you may have invested in home improvements that please you.
Instead, the value of a house depends on what the market tells buyers it's worth.
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If you're thinking about making repairs to your home before selling, talk to your agent about which repairs are necessary and which might not be.
If you've made significant improvements to your home to make it into your dream, you probably already know that you're not going to get full-value for these improvements at resale.
In fact, (graphic: according to a recent study published in Remodeling Magazine 2010-2011) aside from replacing the front door, no home improvement project gave back more than an 85% return on investment. At best, that's a 15% guaranteed loss on your money.
Recent improvements can help your house make a buyer's short list, but to first catch the buyer's attention and then to be the one the buyer ultimately chooses, pricing matters most.
So, be sure to speak to your agent about what features matter before you do anymore repairs to your house.
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An appraisal can be ordered for many reasons. For instance, a bank will order an appraisal of a house before they agree to refinance a loan. An appraisal may tell a lender the replacement value of a home or whether the loan is a good business decision for the bank. It can be ordered to help dispute a property tax increase or to prove replacement value of a property to an insurance company.
But an appraisal won't help you determine the best price to get the house sold for one simple fact: an appraisal tells you what the lenders or the county thinks your house is worth, but they don't tell you what a buyer will think it's worth. A buyer will base their opinion of what the home is worth on their agent's comparative market analysis, not an appraiser's report.
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Many sellers like the idea of pricing the house high at first to "test the waters." This strategy certainly helps to sell houses. Unfortunately, the irony is that the house that sells won't be yours. That's because pricing your house high only provides a high comparable for other houses for sale in your area.
And don't be fooled by all the showings you've been getting at a higher price points. The fact is that many buyers' agents will actually show your house to clients with the aim of showing what a steal the house down the street really is. For those buyers, seeing is believing.
A recent survey found that sellers who followed their real estate professional's recommended price sold the house 38 days faster, for up to 2% more and with fewer price reductions than those who didn't.
Smart sellers price right in order to get good offers early—in the first couple of weeks. You don't want to do...
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Some sellers like the idea of showing they are flexible and willing to negotiate.
But pricing the house too high means running the risk of getting no offers. And then it won't matter if you're willing to negotiate if there's no one to negotiate with.
Buyers who might have wanted to look at your house at the right price in the first few weeks of the listing now ignore it. They believe that either something is wrong with the house or, worse, that if they wait a bit longer, you'll lower the price again.
At this point, you're just attracting bargain hunters. And in order to get their attention, any price reductions will have to be substantial.
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Some unsuccessful sellers try to "test the waters" by pricing the house to high with the hopes that they'll find a buyer who's willing to pay more than the house is worth.
The worst mistake a seller can make is thinking that there is no harm in price reductions later on. This is a classic pitfall that can lead to actually getting less for the house than it was worth to begin with.
Sometimes price reductions are necessary, especially if your house isn't getting offers. But price reductions are a fall-back strategy, because they have drawbacks.
Price reductions can make a buyer think one of three thoughts:
  1. What's wrong with this house
  2. Let's wait to see if they lower it more
  3. Let's put in a low-ball offer to see how low they'll go.
If your house does sell after price reductions, it could actually be for much less than you would have gotten if you'd listened to the market.
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Real estate markets change all the time. You want to make sure that you're pricing the house ahead of the curve -- no matter what the market.
Let's look at a real world example. A house priced $100,000 is for sale in an area that is seeing price declines of 5% every three months. And it takes about 3 months for a house priced at $100,000 to sell.
That means the same house might be listed three months from now for $95,000.
To price the house right, a real estate professional might recommend a list price of $95,000 now, to ensure that the house remains competitive with new listings.
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If you are falling behind on your mortgage payments, you may be faced with the sudden need to sell your house. You should know that you're not alone. Millions of homeowners across the nation face the prospect of a foreclosure or short sale.
And while the most compassionate buyers may understand your situation, their lenders won't, and will only lend for the current market value of the house.
If you need to sell your house quickly, your best bet is to price the house to sell.
The reality is that buyers, like you, are interested in getting the most value for their money, which means they won't be looking at what you paid for the house or what you still owe—only what it's worth.
And studies show that the best way to get the most money from the sale of your house is to price it so that you get an offer within the first two weeks it is on the market.
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Staging a house is a bit different from improvements made over the years.
The focus of staging is to declutter and depersonalize the house so that potential buyers can readily imagine themselves living there.
This might mean some landscape improvements to enhance curb appeal, putting some furniture in storage, moving items so that there is a clear path into each room, taking down the family photos and re-painting as necessary.
A properly staged house can result in a quicker sale and a gain of as much as 1% on the sale of the average house.
And the best part is that you don't have to guess what will make your house more appealing to buyers. Your real estate agent can arrange an appointment with a stager to make sure your house shines in comparison to the competition.
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Selling your house is one of the biggest decisions you'll ever make. And you don't want to go into it alone. You wouldn't perform surgery on yourself, so why would you sell your house without the help of a professional.
Your real estate agent has provided this video because they care and want to help. Now that you have more information, you'll want to put that information into action.
At the very least, begin with calling your agent to learn how they can help you sell your house for money, in the least amount of time, with the least amount of hassle.
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Source: YouTube - Used under standard YouTube license terms. Duration: 4 minutes.

Preparing Your Home For Sale - Getting a House Ready

If you're trying to sell your home in this real estate market, you want to make the best impression possible when prospective buyers come to see it. Real estate legend Barbara Corcoran walks us through the do's and don'ts of preparing your home for sale.
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Source: YouTube - Used under standard YouTube license terms. Duration: 3 minutes 46 seconds 

Home buying tips: How to buy a house

First time home buyers have a million questions, and luckily, Author and Fox Financial Correspondent, Gerri Willis, has a million answers. Here's what you need to know before you buy a home.
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  • home buying tips
  • how to buy a home
  • how to buy a house
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Source: YouTube - Used under standard YouTube license terms. Duration: 3 minutes 46 seconds. 

How to Find and Choose a Real Estate Agent

How can you tell whether a real estate agent is honest and trustworthy...or not so much? Author and Fox Financial Correspondent, Gerri Willis, tells you what to look for when choosing a real estate agent.
Real estate agents are hired for their expertise. While every real estate agent has access to the same information, experience levels and specific performance are unique to each individual agent.
A friend or relative, with a real estate license, may not possess the knowledge, skills or experience required to sell your property or to fully represent you as a buyer. Just as there are different types of medical professionals, engineers or accountants, real estate agents should be interviewed to determine their precise talents, knowledge, proficiency and most definitely, value.

It's a real shame that the real estate brand is not a...

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.