^^ Watch The Full Video with all 6 Steps to Pricing Your Home ^ ^
The first 30 days are critical
The “Perfect” buyers are waiting for your home. They are waiting for your price range, age, geographical location, school district and lot. They will see it immediately thanks to auto emails from the MRIS system and internet websites.They will visit your home atlas twice. Once with their Realtor and once at the open house. If we have done our job, this should produce at least 1 contract if not multiple contracts. If the home does not sell in the first 30 days, buyers feel the home is stale and not worth the asking price. The home price suffers. (Maybe add a 30 day chart we have)
Websites “Zestimates” are unreliable.
Zillow, Realtor.com, Trulia, RPR, Home Snap, etc. use national algorithms to price your home. They can range wildly and give sellers and buyers unrealistic expectations. In one recent case, the estimates ranged from $731k-$935k, when the actual value, determined by our pricing was $725,000. This can cause sellers, and Realtors, to over price homes which results in longer sales terms and lower prices.
The Casey Samson Team Pricing Models determine far market value. Value can only be determined by:
- Taking the appraisal quality comps
- Comparing the adjusted price per sq ft (PPSF) and % of assessment on the average homes
- Determining the price for a home of like kind age and size, in customary condition, with customary upgrades.
- Adjusting for Upgrades and Condition.
The pricing models developed by The Casey Samson Team, are the most reliable in the country.
The models compare age, size, style, lot and location. This provides a price per sq. ft. (PPSF) and % of assessment that is customary for your home. Our ability to adjust for size and age allows us the highest sample size and produces the most accurate estimates. The models include:
• Neighborhood Model: produces the most accurate assessment if there are enough available comps in the immediate subdivision.
• 1 Mile Radius Age and Size Model: uses homes with like kind size and age within a 1 mile radius.These are considered appraisal quality comps.
• 1 Mile Radius Threshold: for the target price range we will compete in. This let’s us go head to head in our price range.
• Active and Under Contract Model: let’s us know how the market is doing at anytime. Knowing whether we are in a seller’s or buyer’s market is important to final recommendations.
• Growth chart: If the home has been purchased in the last 10 years, have a 5th model we can run to determine the increase or decrease in pricing during the period of ownership and add in a percentage of upgrades done by the seller.
Based on the most reliable models for your home, we have determined what a home of your age, size, style, location, lot and assessment would sell for in various conditions and what you would NET from the transaction after expenses. Here is the summary:
The final pricing recommendation is determined the week of launch based on the home’s condition and market activity. I will provide the final pricing recommendation, but you decide on the final price.
85% of our homes sell in the first 30 days which is the optimum time for sellers to receive the highest value for their home.
65% of our listings sell in the first weekend, often producing multiple contracts and highest and best offers exceeding the listing price.