Most sellers think their house is worth more than it really is. Why? …. because of their emotional attachment to it. This is where an experienced agent can advise you on the who, what, when, why and how of listing your property, including the hard facts about its market value – anything less is a disservice.
Getting the Price Right from the Beginning
When it comes to selling your home, one of the most important things to get right from the beginning is the asking price. If the asking price is set too high, your property will languish on the market and you will be forced to reduce the price, possibly multiple times. If the asking price is set too low, you risk losing money that could have gone into your pocket.
According to realtor.com (If You Don’t Price Your Home Right, You’ll Really Pay: Beth Braverman | Nov 12, 2015), here are four common mistakes to avoid when pricing your home.
1) Basing your price on how much you paid. Even in lackluster markets, homeowners can’t help but hope they’ll make a big profit when they sell. The harsh reality is that buyers could care less how much you paid. All they care about is getting the best deal possible in today’s market and they don’t care how much you owe on the mortgage.
2) Expecting to get reimbursed for renovations. Remodeling projects offer an average 62% return on investment, according to Remodeling magazine, which is why it’s a good idea to skip major cosmetic remodels right before a sale. This is particularly true if you’ve got wild or exorbitant tastes that buyers might not share.
3) Not shopping your competition. While you might assume your home is more or less the same as others on your block, small differences can add up to big discrepancies in price. Take time to read local listings and attend open houses to figure out how your home stacks up.
4) Failing to quickly and decisively reduce. If your home goes several weeks without an offer, it’s likely priced too high, particularly if homes in your area have a relatively short average days on market. Rather than making a small price cut and risking having to do it again in a subsequent month (while your listing gets older and staler), make a large and decisive price cut—$10,000 or more—that will attract buyer attention and show you’re serious about selling.
St. Petersburg Home Prices and Values
The median home value in St. Petersburg is $209,400. Home values have gone up 16.2% over the past year and Zillow predicts they will rise 7.1% within the next year. The median list price per square foot in St. Petersburg is $205, which is higher than the Tampa Metro average of $141. The median price of homes currently listed in St. Petersburg is $285,000 while the median price of homes that sold is $221,400. Median days on the market is 71.
The fact is St. Petersburg is a very desirable place to live; coupled with low interest rates it has become a competitive market for buyers.
For more information on real estate trends in St. Petersburg or if you interested in listing your home, call or email Estelia at 727 686 2859; Estelia@estelia.com
How to Price Your Home So It Sells for Top Dollar | Money Talks News
Study Reveals Best Real Estate Pricing Strategy | Realtor Magazine