Lake Ridge Virginia Real Estate News: Should a Home Seller "Test The Market?"

Should a Home Seller "Test The Market?"

When  you call me to talk about selling your Lake Ridge or Woodbridge Virginia home, I first take a look at the condition.

how much research do real estate agents do when they list my house

Just know prior to my arrival I have done a lot of research. Even though I know the market well. I want to double check what homes have recently sold ( we call this the historical information) then I look at the Active Listings, as well as the Under Contract Information and the Withdrawal information.

Terms:

Historical Information - comparable sales of similar homes over the past three to six months nearby

Active Information- these are homes that are currently FOR SALE in  your area.

Under Contract Information- these are homes where a buyer made an offer and all parties agreed

Withdrawal Information- wisdom can be learned here. I like to show you how the home looked inside,

                                           what the marketing was like, how many price drops they had to see how your

                                           home compares.

Reviewing all of this information will help you the person who wants to sell your Woodbridge Virginia area home some great incite as to how you should position yourself in the spring market lineup.

Several homeowners are asking "Should We Test The Market?"

That's a loaded question. We need to discuss several things to determine that.

  • How does your home stack up to the competition?
  • Do you have an above average home? 
  • A home that has been totally renovated?
  • Is it an energy efficient rated home?
  • What is your motivation?
  • Do you want to risk being past over and having the selling process be drawn out for months?
  • Do you need to sell to buy another home?
  • Are you relocating?
  • Is there another baby on the way?
  • Maybe you cannot finalize your divorce until the home is sold.

A local real estate specialist helps you the "hopeful" seller decide what is best for you. Remember we have to sell a home three times. We need to sell it to the market, then to the buyer and then to the bank.

The biggest challenge you face when  you OVER PRICE your home or Test The Market is this.

Everything is great when a home buyer falls in love with your home and agrees they are willing to buy it at the price you want. But remember when it is all said and done. The bank appraiser must agree with the contract price on a home. If the appraisal comes in lower that the agreed upon contract price three things can happen:

  1. Buyer can walk away
  2. Buyer can asked seller to lower the price to the Appraised Value
  3. Buyer and Seller can agree to split the difference and move on with the sale of the home.

Thinking of selling your home?

To find out what Woodbridge Virginia your home would sell for click here

Check out the types of home we sell visit Twins Selling Real Estate Our  Listings

 

 

 

Peggy James
 My direct #:703-851-3085
 

Search homes for sale in or local Prince William County Virginia area and Eastern Fairfax County near Fort Belvoir Virginia.

 
Twins Selling Real Estate
 
 
 

"Our Goal is Your Goal!"


Twins Selling Real Estate EXIT Realty Associates 8998 C Lorton Station Blvd, Lorton Virginia 22079 Equal Housing Opportunity Call 703-851-3085
Comment balloon 0 commentsPeggy James • February 26 2015 08:04AM

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