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Pricing Your Property


A house properly priced is half sold. But there are plenty of ways to price it improperly.

You can't go by what you paid for the place. Perhaps you bought two years ago when local prices were skyrocketing, and things have cooled off since. Perhaps houses like yours can now be bought for less, and if you hold out for what you paid, you'll just waste your time.

On the other hand, perhaps prices in your area have taken off, and you'd short-change yourself if you just tried to "get my money out" (but you'd have a fast sale).

You can't go by how much you've spent on improvements. A given street will support only a given price range. If you've invested so much that yours would be the most expensive house on the street, the buying public is not likely to reimburse you.

You can't go by your tax assessment figure. Even in communities that aim at full-value assessments, the figures are almost never in line with what buyers are currently ready to pay.

So how do you price your house?

By putting yourself in a buyer's shoes.

What else is for sale in the area? How does it compare with your house? How long has it been on the market? What has sold recently, and how much did the buying public value it at? What has failed to sell in the past year?

Any good broker can furnish the data you need, often in the form of a chart known as a CMA, Comparative Market Analysis.

And once you have it, again think like a buyer. What price would it take for you to look at a list and say to an agent "Take me to see that one"?

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MORE RESOURCES:

Real Estate Commissioner Sam Wercinski resigns
Bizjournals.com, NC - 11 hours ago
Wercinski also serves as director of the Arizona Department of Real Estate. He was appointed to both positions by Gov. Janet Napolitano in January 2007. ...
Arizona Real Estate Commissioner Resigns EVLiving
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No Recovery for Real Estate as Speculators Dominate Sales
Bloomberg - Jan 7, 2009
There were an average 3100 foreclosures per day in the US in November, according to RealtyTrac Inc., an Irvine, California real estate data company. ...


Real Estate Council names its new officers
Bizjournals.com, NC - 20 hours ago
... that the organization is fortunate to have these individuals at the helm — especially given the current environment facing the real estate industry. ...


How Far Could Manhattan Real Estate Fall?
Wall Street Journal Blogs, NY - 35 minutes ago
... to find itself squeezed by the housing downturn that hit the rest of the country many months ago: How far could Manhattan real estate prices fall? ...


Sun newspapers

Report: Florida real estate market won’t recover until 2010
Destin Log, FL - 12 hours ago
The 2009 Fund Real Estate Forecast shows the depth of the recession in Florida and its impact on the housing market. For instance: •Housing starts plummeted ...
Housing slump not over yet Orlando Sentinel
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Dallas Morning News, TX - Jan 8, 2009
Last year, area real estate agents sold 14 percent fewer homes than in 2007 through the multiple listing service, Texas A&M University's Real Estate Center ...
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by IBR Staff Rick McGraw, Amanda Alvaro and Brad Minasian formed The Real Estate Group in 1986. The firm fields 30 agents. The founders have backgrounds in ...
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Real estate agency blames rising number of foreclosures
The Patriot Ledger, MA - 6 hours ago
A major real estate agency in New England predicts that home prices in the region will likely drop modestly in 2009 even as sales activity stabilizes. ...
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Merrill's Rosenberg on Real Estate
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David Rosenberg of Merrill Lynch* appeared on CNBC a few moments ago to discuss the relationship between deflation in residential real estate--which he ...


Commercial real estate braces for toughest year
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