Setting the proper price is the most important thing that you and your Realtor can determine.

Factors Determining the Selling Time for a Property and the Price Received

• The Listing Price
• The Condition of the Property
• Terms
• The Agent Selected
• The Location
• Available Financing
• Supply & Demand
• The Competition of New Construction
• Economic Trends

The first four items on the list: listing, price, condition, terms and the agent selected can be controlled by the seller. The time necessary to sell a property can be shortened by selecting a competitive price, improving the condition of the property, being agreeable to various terms in a contract and selecting an agent who has the expertise and enthusiasm to market your property aggressively and wisely.

Factors Not Affecting the Value of a Property

• Original Purchase Price and Costs
• Cost to Re-build a similar Home Today
• Total Costs of Improvements
• Personalized or Overbuilt Improvements
• Personal Attachment

The original purchase price of a property was determined in the marketplace at the time of the purchase. Improvements made may or may not make a difference in the way a potential buyer looks at the property today.

Proper Pricing
Houses sell quickly and usually for the most money when they are priced properly in the beginning.

Overpricing

• Reduces activity
• Reduces advertising response
• Loses interested buyers
• Eliminates offers
• Helps sell the competition
• Can result in appraisal problems
• Extends market time

The Consequences of Overpricing Your Property

Prospective buyers are seldom looking at only one house. They will often spend many weeks, and even months comparison shopping for a home. If your property is priced higher than your competition, the following may occur:

• Overpriced properties miss the opportunity to compete most effectively in the period of peak attention during the first few weeks of the listing period.
• An overpriced property will not be shown to prospects that would be interested if the property were competitively priced.
• Overpriced properties help sell those that are priced competitively.
• Overpricing almost invariably leads to the need for additional time to sell the property
• Offers received after the property has been on the market for a long time are generally much lower than those received early. Buyers wonder why the property has not sold.
• Appraisers may have difficulty in justifying the price
• Lenders are reluctant to provide a loan commitment for a property that has sold for more than comparable sold properties.

Are you interested in selling your home, call me at 214-532-3823 for more information.  I work throughtout Dallas & Collin counties. 
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I hope you will join me at the 2nd Annual Winemakers Dinner on Saturday, February 9 at 7pm.  It is a great way to celebrate Valentine's Day or just enjoy a lovely evening out and help the community!  Sample the wines from the Wales Manor Vineyard in McKinney, exquisitely paired with fine cuisine from the Junior League of Plano's award winning Lone Star to Five Star cookbook.  A wonderful silent auction will be featured with items including hotel packages, sports events and local spa treatments just to name a few.

   

The evening will begin with wine tasting accompanied by cheese, crackers and chocolates.  

An exquisitely prepared dinner will follow:  Southwestern Salad, Sour Cream Chicken Enchiladas, Black Pepper Crusted Atlantic Salmon Filets, Green Beans with Feta and Pecans, Fresh Tomato Basil Rice, Grilled Portobello Mushrooms, South Texas Cheesy Baguettes, Three Layer Chocolate Cake on Painted Plates.  

Tickets are available for $65 each.  Event is "Texas" upscale casual (Jeans allowed) and held under an enclosed tent at the vineyard.  Tickets are limited, registration closes Feb 4, 2008.  Visit http://www.jlplano.org/ for tickets. 

For information about Wales Manor Vineyard, visit http://www.walesmanor.com  

This event is open to the public.  Proceeds benefit the community service programs of the Junior League of Plano in Collin County.

 

                                 

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As a professional Realtor, I've helped multiple clients find the perfect home for them and I wanted to pass along some advice.  If you are considering purchasing residential real estate and you know that you won't be in the home for a long time, here are considerations for the short-term homeowner who has resale in mind.

1. Watch for growth potential - Look for an established neighborhood that will be enhanced by future growth but not inconvenienced by it.

2. Look out for resale value - Seek a prime neighborhood where houses sell well in any market.  Drive the neighborhood how do homeowners keep up their homes? It is important to find a neighborhood that takes pride in the upkeep which helps keep prices up. 

3. Location, Location, Location-   Drive the commute before you buy.  Check morning and afternoon drive time to work, schools, shopping centers, churches. Consider availability of all aspects of transportation; even those you may not use including access to nearby highways, bus and rail lines.

4. Schools are important- Check for quality public schools, whether or not you have school-age children. This might be a very important consideration for the next homeowner. 

5. Green is good - Look carefully at the lot for trees and greenery to buffer winter winds or summer heat.

6. Make room for visitors - See if ample guest parking is available for you and your neighbors.

7. Privacy is a plus - Consider how much privacy the house and lot provide.  Where is the home located in the neighborhood?  Does it back to a major road?  Is is located on the main road in the neighborhood?  It is on a busy corner lot or tucked back in the neighborhood on a quiet cul-de-sac?  Some of these less than ideal locations might not bother you but for resale it will take longer to sell and you will probably have to compensate with a lower sales prices compared to the neighborhood. 

If you are interested in selling or buying in Collin and Dallas Counties, please call me at 214-532-3823.