How to Set Your Selling Price On Your Orlando Home
When you’re trying to sell a house in Orlando, one of the first crucial steps is to set a price. Setting the listing price can almost be considered an art form because you have to find the sweet spot between attracting strong offers and also selling your home for top dollar.
You’ve probably heard the term “fair market value” more than a few times especially if you’re working with an Orlando real estate agent. It’s important to know that fair market value and your listing price will not be the same number.
Most realtors in Orlando will begin by creating a comparative market analysis on your home aka a CMA. This is a report that’s generated by researching other similar homes in your neighborhood and how much they are selling for as well homes that have sold recently.
If you happen to be in a desirable Orlando neighborhood like Hunter’s Creek where the homes hold their value, then you’ll have an advantage. Realtors in Hunters Creek report that the average number of days on the market for a typical home in the area is now 47 days or less, which is really good compared to other Orlando neighborhoods.
Overpricing Your Home Can Backfire On You
Depending on your situation, it may be OK to go a little high on your asking price but don’t go over board or your home could end up staying on the market longer than it should. While you work with your real estate agent in determining the listing price, keep in mind that some upgrades or improvements that you’ve made on your home don’t always translate to increased value.
While some improvements like a swimming pool, fenced-in yard or granite counter tops can usually justify an increase in the asking price, other more personal improvements like tacky floors and purple ceilings can actually have a negative affect on your homes valuation.
Leave Your Emotions Out Of It
Even though you absolutely love the hot pink walls in your daughters bedroom or the over sized chandelier in the hallway, you should think about what an interested buyer would like and leave yourself out of the equation.
Working as an Orlando real estate agent since 2004 I can’t tell you how many times I’ve had the displeasure of telling a homeowner that they need to make a few changes to their home so that it would show better. No one likes being told that they have awful taste in colors and other decorative choices but at the end of the day it’s my job as an Orlando listing agent to get the highest possible price for my client. It’s kind of like when your mom gave you horrible tasting medicine as a kid, “it’s for your own good”.
Generally speaking, the asking or listing price or of an Orlando home is set a bit higher than the market value, typically between 1 and 3 percent above market value.
You should take into account that there will be some negotiating involved before reaching an agreement with your buyer. If you price your home too high, you’ll get a lot less interest and it will sit on the market much longer than it should.
Selling Fast Vs. Selling For Top Dollar
Depending on what your situation is, you have to decide whether it’s more important to sell your Orlando home for top dollar or getting it sold fast. If the market isn’t doing so well in your neighborhood and you’re not in a rush to sell, you may want to consider staying for a while until the surrounding home values start creeping back up.
Selling As an Orlando Short Sale
If you need to sell your home for just enough to cover the mortgage and it’s worth less, then you may not have the luxury of setting your own price. In this scenario you may have to consider doing a short sale on your home. This is when you try to get your lender to agree to let you sell your home at a discount of what the total payoff is so that you can get out of a bad situation.
When considering a short sale, it’s highly advisable to hire an Orlando short sale realtor. These are agents that specialize in doing short sales and nothing else. There is a lot more work involved with short sales as opposed to traditional listings and in this case you don’t want to hire your nephew that just got his license last week.
Whether you need to sell your Orlando home for top dollar or you need to do a short sale, ORC has got you covered. Over the years we’ve helped thousands of Orlando homeowners find real solutions to their real estate needs. Call us at 407-902-7750 or visit https://orlandorealtyconsultants.com/ for a free consultation and I will sit down with you to discuss you options.