Price Your NOVA Home | Virginia Residential and Small Office Real Estate | Jeff Shearer

Jeff Shearer

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I pledge that I will always be responsive to your wants and needs. For example, sellers who have already moved often need to have their home visited and the condition touched up from time to time. I will.

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Price Your NOVA Home

Thank you for giving me an opportunity to sell your home. If you haven't already, please read the first in my series of for home sellers, Prepare To Sell Your NOVA Home.

This article talks about one of our products to come from our second meeting, Your Pricing Strategy to Sell Your NOVA Home Quickly. Today's market is fast. More than 70% of homes sold, sell in 21 days or less. After 30 days, people begin to ask why a home hasn't sold and begin to steer clear of it unless they are looking for a deal.

Remember, 40% of homes listed in Northern Virginia go unsold each year.

Yes, that means if you want to get as much for your home as possible, you must price it to sell in the first month. The alternative is to chase the price down to fewer and fewer potential buyers. In this and other ways, price becomes a strategy to sell your Virginia home quickly for optimum consideration.

Our goal is to generate multiple offers to put you into the best negotiating position possible regarding contract terms, inspection releases, and the buyers' lender appraisal reputation.

During our second meeting we will review a number of price analyses, days on market, market timing and condition that will drive our agreement for your pricing strategy. We will also discuss how your wants and needs may impact asking price.

I use a 6-step process to arrive at our price agreement:

  • - Size, home and lot
  • - Age
  • - Type even style of home
  • - Geographic proximity: 1 mile, .5 mile, neighborhood/HOA
  • - Rate criteria as providing high, medium, or low pricing confidence

  • - Sold Price
  • - Withdrawal and Expired Prices
  • - Price Per Square Feet
  • - Percent of Tax Assessment

  • - Based on sold comparables
  • - Adjust based on comparable condition ratings: inferior, similar, superior

Develop Initial List Price Range Estimate

  • - Consider competitors
  • - Consider Internet Search parameters for price
  • - Consider timing/changes in market such as interest rates

Refine List Price Target

  • - Consider sellers' wants and needs
  • - Consider seasonality

After agreeing on the condition of your home when it is listed, the target list price; as well as the criteria, timing, and amount of potential price adjustments; we are ready to develop your marketing plan.

At this point, I will send you a number of documents via my electronic signature document management system. These documents do not create an agency commitment between you and my broker. They do provide important information you need to know before you sign the agency agreement. Sending these documents now, also let's us ensure you are familiar with and able to use my electronic signature document management system.

Next Article: Market Your NOVA Home

I decided to become a Certified Real Estate Pricing Specialist® to better understand and exercise the pricing models used to value residential real estate.

This class provided me a better understanding of comparable selection and price confidence. This has been a key element of my advice to clients. Not only do I provide an estimate of price range, but I can also state my confidence in my estimate based on an analytic model.

After obtaining the C-REPS®, I worked with major banks to provide over 100 valuation estimates. This experience has helped me exercise my valuations, but also provided professional critique of my estimates.

I consider my C-REPS® a significant differentiator from other real estate agents.