How to Set an Asking Price for Your Home

Setting a price for your home can be one of the most important decisions you make when placing your home on the market. The asking price can often make or break the sale. The asking price is part of the marketing of the home.

Here are some tips on how to set the right asking price in a strategy to sell.

1. It’s not personal. Let go of your personal feelings for your home. Potential buyers don’t care how much you paid for the home, how much time you spent planting a garden or how much money you’ve invested in in updates. A house is only worth what a buyer is willing to pay.

2. Get a professional opinion. A real estate professional can give you an opinion of its likely selling price range. The opinion should consider the prices of comparable recently sold homes, on-the-market homes and homes that were on the market, but weren’t sold.

3. Act like a buyer. Do your research by attending open houses in your area.  Try to think like a buyer and try to make an impartial assessment of how those homes compare to yours in terms of location, size, amenities and condition.

4. Consider market conditions. What are the home prices in your area doing? Are the prices going up or falling? What are the average days on market for a home in your price range? If prices are falling you will want to be aggressive in pricing making your home the best buy on the market and look for a quick sale before prices continue to fall.

Do You Need Moving Insurance?

You pack all of your belongings in a truck and hope for the best but even with the most careful movers, accidents can happen. Did you know that typical moving insurance barely covers your prized possessions in cause of a problem.

Typical moving insurance pays about 60 cents per pound for damaged goods. So if you have a $1,000 item that only weighs 10 pounds you will get a whopping $60 back.

To make up the gap you should consider purchasing moving insurance. There are several options for you to choose from:

Full value insurance

Full value insurance is the most expensive insurance because it covers your whole shipment. If anything is lost, damaged or destroyed, the movers can either offer to repair the item, reimburse you with cash or replace it with a similar item. Check the policy to see if there are coverage limits on certain items.

Released value insurance

Released value insurance is the most typical type of insurance. It usually covers goods for 60 cents per pound.  Released value insurance is usually offered at little to no cost to you. make sure to check your moving contract, some exclude coverage if you pack your own boxes.

Third-party insurance

If you choose the mover’s released value option, you may want to opt for additional insurance  from a third-party. Under this type of coverage your mover would be liable for 60 cents per pound of damaged goods and the insurance company would pay any of the remaining costs.

As with any contract make sure to read the coverage thoroughly so you can make an educated decision about what type of coverage you will have for your move.

What Kind of Market Is It?

Is it a seller’s market? A buyer’s market? Depends on the day and which media outlet you happen to be listening to. One thing is sure the market is changing. Here are some ways to know what kind of market it is:

These are the signs of a buyer’s market
High inventory or more than six months of inventory currently on the market.
Sale prices are higher than active listing prices.
Lower closed sale numbers.
Declining median sales prices.
Higher DOM or days on the market.

Here are some signs of a seller’s market
Low inventory or less than six months of inventory currently on the market.
Sale prices are lower than active listing prices.
Higher closed sale numbers.
Increasing median sales prices.
Lower DOM or days on the market.

These are signs of a balanced market
Three to six months of inventory is currently on the market.
Sale prices are similar to active listing prices.
Stable sales numbers.
Flat median sales prices.
Days active on the market are approximately 30 to 45 days.

If you want to know how to figure out the months of inventory there is a simple way to do that.
Take the total number of active listings and the total number of sold or closed transactions on the market last month.
Divide the number of total listings by the number of total sales, which results in the number of months of inventory remaining. Then you can determine what type of market it is.

Things that Make a Buyer Buy

There are some secrets when it comes to selling a house. There are some things you can do to help your home be more attractive to a buyer.

Here are just a few things that often helps buyers sign on the dotted line:

1. A Welcoming Entryway

A beautiful entrance is the first thing a buyer sees, remember you never get a second chance at a first impression.

2. Hardwood Floors

Hardwood floors have longevity and never go out of style. Buyers don’t have to worry about replacing dirty carpets or worry about allergies from pets.

3. Closet Organizers

Closet organizers make closets look bigger and buyers love storage.

4. Green Grass

Green grass shows prospective buyers on how the home has been maintained. Buyers are drawn to green spaces with a flat, open lawn.