Pricing your North Port house to sell for the highest amount:

HUNTREALTY GROUP
SCOTT POLISAR
 NORTH PORT, FL
 941-882-5494 Ext 701 www.BuySellNP.com

This article will show you how to determine the accurate price range of your North Port Fl house.

When you're done, you'll know the high and low price range that you can expect to sell within. Determining your correct price gets a little complicated and involves a lot of work. Contact us if you want us to do the work for you.

STEP 1: Determine your neighborhood's Square Foot price range:

All properties have a range within which they will sell. It's important to determine the high and low Square Foot prices of houses in your area that recently sold so that you'll have an real feel for what your house is worth. Buyers see a huge number of houses online and then see properties in person. They'll often know better than a seller if a house is overpriced, and if they don't, their agent will. So you want to get this right!

Excluding foreclosures and other special situation properties, make a list of about 8-to-10 recently sold houses in your area. Go back 3-to-6 months. Don't just pick a house similar to yours and assume that it's a price match. That house may have had a special situation causing it to sell high or low. Comparing houses similar to yours comes later. For now, you're just looking for the price range of your area.

STEP 2: Divide the sale price by the square footage of each sold house:

Example 1: Price: $200,000 ÷ 2,000 Sq. Ft. = $100 a Square Foot.
Example 2: Price: $300,000 ÷ 2,000 Sq. Ft. = $150 a Sq. Ft.

Do not rely on internet estimates to decide on your selling price. They are usually greatly inaccurate. In fact, almost all online sites have hidden print stating that their estimates are off by large percentages.

Now the fun begins. Tweet
It's time to compare your finishes to the finishes of the sold houses you listed. 

STEP 3: Evaluating your finishes (counter tops, flooring, ceiling styles etc.):

With the easy access to online inside pictures and descriptions of the recently sold houses, you can usually compare your finishes to the houses you listed, right from your computer. This can help you judge your finishes for pricing purposes.

If your house has high end finishes, and if there are no other issues with your house, you’re on track to potentially list your house on the high end of your area’s price per square foot range. Just remember that when you’re selling your property on the high end of the pricing pyramid, marketing methods will make a difference in selling at your price or going through price adjustments (lowering your price).

STEP 4: House Matching:

If possible, you want to match houses that are within 300 -to 500 Sq. Ft. of the square footage of your house. You’re looking for 3 -to-5 recently sold houses that are similar in size, and preferably style to your house.

If you want to skip the work involved, call Scott. He’ll run the numbers for you and let you know your home’s selling price range. Scott – 941-882-5494 Ext 701

STEP 5: Adjusting Value for differences:

By using this method, you will come up with the correct price for your house. If no buyer is willing to pay your price, and the marketing has been stellar, you will need to go through the steps again to see if you judged differences in value accurately. 

Active Listings: A high price on an active listing may get you excited about the potential price of your house. It looks great for your sale price, but how long has it been sitting on the market? Just because a house can be listed for your dream price doesn’t mean it will sell. Even in this up market, many houses don’t sell. There are basically two main reasons this occurs. Either the house is priced wrong or you need to improve your marketing. Listing your house in the MLS is important, but it’s only part of an effective marketing program.

Phone: 941-882-5494 Ext 701

If possible, you want to match houses that are within 300 -to 500 Sq. Ft. of the square footage of your house. You’re looking for 3 -to-5 recently sold houses that are similar in size, and preferably style to your house.

If you want to skip the work involved, call Scott. He’ll run the numbers for you and let you know your home’s selling price range.

In North Port Florida: Scott – 941-882-5494 Ext 701

In Tampa: 813-324-1005 Ext 701

This article is better than the video, but if you prefer video, here's the article in living color:

With the easy access to online inside pictures and descriptions of recently sold houses, you can usually see if you have similar finishes right from your computer. This can help you judge if your finishes match the finishes of the houses you have selected to compare.

If you have additional features that the comparison house doesn’t have, you will ADD the estimated value of the additional features to the other house and then recalculate the Sq. Ft. price to arrive at a new Sq. Ft. price. (How much more would the other house have sold for if it had the features you have added?)

On the other side of that equation, if the other house has a feature that you don’t have, you will MINUS the value of that feature from the other house and recalculate the Sq. Ft. price to arrive at its new Sq. Ft. price. (How much less would the other house have sold for if it didn’t have the features you’re subtracting?)

It's getting interesting, isn't it? Many agents use automated CMA software to arrive at price recommendations, but just like online estimates, these automated programs don't factor in certain differences which would increase or decrease your price. If you're overpriced, it can cause a significant delay in selling. If you're underpriced, you may be giving equity to the buyer unnecessarily.

STEP 6: Adjust your Sq. Ft. price up or down to arrive at your selling price range:

Tweet Use the final Sq. Ft. prices of the comparison houses, taking into account the differences between your house and the comps, including the differences in finishes, and then presto (actually, presto is quick, this takes work!), you have an accurate range to price your house. Multiply the Sq. Ft. price by the square footage of your house and you’ll have your listing price range.

CMA (Comparative Market Analysis):

CMA lists several pieces of information including sold houses in North Port, active listings, how long on the market, and houses that failed to sell. Sold listings are the most valid part of a CMA. Active listings can show you what other similar houses in your area of North Port are being offered at, but actives can also be misleading. Withdrawn listings are usually due to a failed attempt to sell at the price offered or due to poor marketing which failed to generate buyers.

Active listings with a new high price tag for your area can be an indicator of a new future price point. After your house is listed for sale and the marketing program for your house has started, we'll pay attention to the sales activities in your area to see if a new trend up or down forms. Pricing is often referred to as an art because it’s not exact. Using Scott's method of pricing, you will put yourself in the correct range to sell your property in the current market.

Once you're priced right, your next key question is where do buyers come from. It's not as straight forward as you may think. Call me to discuss this important question. You'll end out hearing interesting and useful information so that you can decide the best approach to pricing your North Port or Tampa house for sale as well as marketing your house the right way.

Selling your house for its top $ is my objective. The only exception to that rule is if you need a quick sale, in which case, you will want to price your house or property on the low or mid range price point. The trick with a quick sale need is to price within your range while still keeping as much of a return as possible. Call me! Scott – 941-882-5494 Ext 701.

Tweet

Hunt Realty Group has agents working from North Port through Tampa and we can oversee marketing anywhere within Florida. Call or e-mail Scott. You don't have to be in North Port to communicate with Scott.

BuySellNP.com

LOWER YOUR PRICE OR IMPROVE YOUR MARKETING

HUNTREALTY GROUP
SCOTT POLISAR
 NORTH PORT, FL
 941-882-5494 Ext 701 www.BuySellNP.com

Not priced right:

If you’re creating a lot of foot traffic for your house,
and no offers come in, it’s probably a price issue.

Priced Right:

If the home is priced right (other houses in the immediate area with similar finishes and amenities are selling in the same price range), then you probably need to improve your marketing.

The Agent’s Marketing Background and why it Matters:

Generally, the cost to market a house is paid by the agent. Many agents don’t know more than the traditional marketing approach they were shown when they started in real estate.  The majority of real estate agents don’t have a marketing background. That could be a problem when a listing is getting stale and needs a change in marketing methods. That’s also why so many sellers switch agents as soon as the contract expires on an unsold house.

There are different levels of marketing that could be utilized for any property. Some agents list in the MLS and hope for the best. If priced right, appearing in the MLS may be all that’s needed. But as with most properties, marketing through multiple channels BEYOND the MLS and portals (Zillow, Trulia, etc.) could make the difference of your house being sold, or your house sitting on the market and becoming a stale listing.

Will you have to lower the price?      

Hopefully, price isn’t being used as the primary marketing tool. I don't want to confuse those who think their $200K house is worth $700K; pricing your property correctly is the most important starting factor to get right. If the price is correct, then you must look to high level marketing methods and the marketing channels being used to sell for the high end of your price range.

The market dictates what your house is worth. However, with a priced right listing that has become stale, or a special situation property, marketing beyond the basics should be attempted first, before lowering the price again.

An EXTREME example that can happen to anyone:

I recently met with a man who cut his asking price in half since his initial listing. He’s been through four or five agents during that time. He’s now trying to sell his property on his own.

Description:

Landlocked with a lot of acres for the area. Value is primarily in the land. Home is older, and under 1,000 Sq. Ft.

Builders would be interested in his property, but for now, this property has an issue that prevents builder development (not a permanent blockage).

Traditional Marketing won’t be enough to get this property sold. You need to find a match for this property that’s almost certainly going to come from marketing beyond a simple MLS listing and traditional advertising.

Is your house going to sell?
When the property is priced right, you need to ask whether you think that continuing to do what has already been done will produce a qualified buyer for your property? If the answer is no or unlikely, then a change in the marketing program needs to be made now. Further waiting (beyond normal absorption rate) just makes buyers think that something may be wrong with the house.

If you have any questions about marketing strategies, send me an
e-mail: Scott@BuySellNP.com

If you need assistance selling your property, feel free to contact me. I have been involved in behind the scenes marketing on behalf of specific brokers of properties that failed to sell using traditional marketing methods. In each instance, my marketing methods (beyond the MLS) attracted buyers. As of March 2016, I'm now a resident of North Port, FL, love living here, and have decided to work with sellers out front vs behind the scenes on behalf of other brokers/agents. I'm the guy that some brokers call when their marketing efforts fail to sell. Great advantage for you. Call me to discuss your property objectives. Phone: 941-882-5494 Ext 701 www.BuySellNP.com

P.S. If you have a priced right property that isn’t selling, don’t wait, call me now to discuss your options so that you can move from seller to sold!