“I promise to educate you on current market conditions, comparable homes sold in your area and what is currently for sale so that you will be confident that your home is priced correctly.

-Lewis Barton

You May Need More Equity Than You Have
An owner’s need for money does not increase the value of the house. Your need to pay off the credit cards, cover a home equity line or even pay for a college education will not influence what a buyer is willing to pay for a home.

You May Have Invested in Repairs and Improvements
Improvements should be made for enjoyment, not just for resale value. You cannot add an item to your home, use it, and then expect the buyer to pay full price for it. Repairs are a normal part of home ownership. Replacing a roof or putting in new carpet simply returns the home up to normal expectations.

Prices of Homes Where You are Moving
Prices are greatly influenced by location and demand. The exact same home is going to sell for much higher in Beverly Hill than Provo. Just because you are moving to a higher priced area does not make your existing home worth more.

Refinance Appraisal
Appraisals, along with your good credit, are tools used by lenders to insure that there is enough security to give you a loan. Refinance appraisals often vary considerably from the price a buyer is actually willing to pay for a property when purchasing it.

Miss the “Window of Opportunity”
The excitement is highest during the first few weeks a home is on the market. In essence, there is a window of opportunity where Realtors and Buyers in the market are excited to see your “new” listing. If your home is overpriced during this critical window, it is difficult to generate that excitement again.

Perception Of Being “Shopworn”
The perception once a home has been on the market for a period of time is that no one else wants it. It becomes “shopworn” and buyers ask themselves “what is wrong with this home?” Just like merchandise on a rack at a department store which has been looked over, buyers expect to pay less.

Takes Longer to Sell
Homes priced above current market value take longer to sell. In fact, if you price your home too far above the market value, no amount of marketing and time will sell it. Buyers are smart and will always pick the best home in their price range.

Ultimately Sells for Less
Starting out high to test the market and then periodically reducing the price causes a property to become stale. By the time a home is finally reduced to the true market value it may be too aged to attract a full-price offer. Have you ever asked how long a property was on the market? If it had been quite some time, what conclusion did you draw?

House Never Sells
Of course, the greatest risk of overpricing a home is that after months of inconvenience and stress, it doesn’t sell. As a rule, a buyer simply will not pay more for a home than it’s market value.

The Condition of Your Home
Three of the four Accurate Pricing Principles are typically out of a Seller’s control. However the condition of your homes is entirely up to you. Your home will be competing with other properties for sale. Those that are in top condition receive top dollar. Just as you would wash and wax a car prior to putting it up for sale, your home should be in “showroom” condition when it is put on the market. Please review our Appeal System in the following pages to learn how to stage your home for sale.

Sold Comparables

It is highly unlikely that a buyer will pay more for your property than they would pay for a comparable property with similar amenities and features. How do we know what a buyer may be willing to pay for your home? By looking at the prices homes in your neighborhood actually sold for.

Location of Your Home
There is an old real estate adage that the three most important features of a property are “Location, Location, Location!” Buyers are willing to pay vastly different prices for very similar homes depending on the homes location.

Interest Rates and Economy
What influences the market? A big influence is the number of homes available as compared to the number of active buyers. A high demand for houses will increase the overall value of each home; a low demand for houses, or an oversupply, will lower the values. Other important factors are interest rates and the local economy. Real estate values decrease during times of recession, but increase when the economy is strong.

Faster Sale
More buyers and more Realtors will view and become excited about a home which is priced right.

More Money To You
If a home is priced right, the excitement of the market produces a higher sales price. Buyers are less likely to make low offers out of fear of losing a good home at a fair price. In fact, there may be several simultaneous offers when the price is right. With more offers, you will be able to choose the best offer with the strongest buyer instead of compromising.

More ConvenientLess time on the market means fewer showings and fewer adjustments to your lifestyle.

Increased Agent Excitement
When a home is first put on the market, it generates excitement among local Realtors. If sales agents are excited about a home’s price and condition, they make special efforts to show it to their buyers.

Exposure to the Right Buyers
Buyers view numerous homes prior to making a purchase. If your home is competitive in style, features, condition and location with other homes in a certain price range, the right buyers see it and they will make an offer.

Successfully Sold Property
It is highly unlikely that a buyer will pay more for your property than they would pay for a comparable property with similar amenities and features. How do we know what a buyer may be willing to pay for your home? By looking at the prices homes in your neighborhood actually sold for. The prices of other active listings and listings which did not sell should not be used as your pricing gauge.

Selling your home and need to know the current market value? Fill out this form and you will receive a no cost no obligation Home Valuation.

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I make it a high priority to be available to my clients, feel free to contact me anytime.

Lewis Barton, Associate Broker
Cell: 801-427-1333
Fax: 801-437-2100
Address: 1815 North 1120 West, Provo Utah 84604
Email: email@LewisBarton.com