It is no secret that the inventory of homes for sale in Myrtle Beach Realty is at the highest point it has been in several years. As they say “it is a buyer’s market.” Myrtle Beach Realty wants you to know that pricing is the single most important area to address when you decide to put your home on the market. There are several factors to consider when you establish the selling price of your home. Often we let our emotions get in the way of making wise decisions. Myrtle Beach Realty has tips on how to step outside of your emotions when deciding on a selling price.
What Do We Mean A “Buyer’s Market?”
In the simplest of terms, it is a market where there are more homes for sale than there are buyers to purchase them. This is what we at Myrtle Beach Realty refer to as a glut in the market. In our current housing economy, this is caused by the banking industry releasing a record number of foreclosed homes to the marketplace. The economy has also forced many more people to consider renting rather than commit to a long term mortgage. This is especially true in an area like Myrtle Beach where we see a lot of half year residents. Fortunately the interest rates are at an all time low and this is enticing renters to consider purchasing a new home.
How Does Myrtle Beach Realty Determine Price?
What does this mean to a potential seller? The asking price of your home needs to fall within the range of what a potential buyer is willing to pay in your specific location. Here are some key components that will determine a selling price:
- Myrtle Beach Realty compares your home to the asking price of other homes in the vicinity of your residence. This means comparing not only similar homes but also non-similar. What makes your home different from others on the market in the same general area?
- It is one thing to ask a price and yet another to actually get the price you are asking. You need to compare the actual sold price of other homes in your general neighborhood. Myrtle Beach Realty has a system for getting homes sold. They will work with you to actually sell you home.
- How many other homes are currently on the market that are comparable to your home? The Grand Strand is a 40 mile long stretch, so this could be in your general area and outside your area.
- How long have these homes been on the market? Myrtle Beach Realty can access these homes to determine the possible underlying cause for a long
- Where is your home located and what is the condition of your home? Sometimes putting a little extra into a home will allow you to obtain a higher selling price. This is provided your home is in a good neighborhood.
Your true competition is all of the other homes on the market today. When Myrtle Beach Realty looks at the asking price of these homes, they can determine what you are competing against. Once they analyze the competition, they may suggest that you list slightly under the asking price of other homes in your area. This will place your home in the position of prime selection when buyers are making a list of potential best priced homes. Many people feel that buyers and sellers are in an adversarial position. However, the seller, buyer and Myrtle Beach Realty want the same thing – a home at a fair price.
By analyzing the actual selling price of other homes in the Myrtle Beach area, you can gain guidance on exactly how much the market will bear for your property. Myrtle Beach Realty will look at homes that have the same style, are in the same area and have similar amenities. Keep in mind that buyers are looking for the best deal and may not be looking at a particular style. Looking at actual sold data is the best indication of how much you can expect your home to sell for.
Myrtle Beach Realty Shares Helpful Pointers
When you are looking at how long a home has been on the market, there are a few things you want to consider. Myrtle Beach Realty will look at currently active homes and how long they have been listed, homes under contract but not closed and closed real estate sales. This will help you determine “days on market” referred to as DOM. This will give you an estimated time on how long it will take you to sell your home.
One of the easiest tests for the selling price of a home is the condition of the home and the location. If the home is in a desirable area, such as close to the beach or waterway, or in a well developed community, you can generally ask a higher price. However, if the home is in poor condition, you will need to lower your price unless you are willing to make the necessary renovations to bring your home up to market value. These are all factors that Myrtle Beach Realty takes into consideration when determining the selling price.
To recap, you need to gather all the facts based on the condition of your home, other listings in your area and the volume of homes on the market in your neighborhood. You need to look at your home objectively with the help of a Myrtle Beach Realty agency that will work with you to determine the absolute best price for your home. This will take patience on your part, but it will mean more showings of your home and more potential buyers.
Contact your local Myrtle Beach Realty company, JP Real Estate Experts for help with determining the selling price of your home. We understand that you are selling your home and there are emotions involved. We will work with you to make the best decision.
Let Myrtle Beach Realty work you to obtain the very best price for your home.
Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
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