Why is it that some homes sit on the market for a year while others sell like hot cakes?

Frustrated sellers will blame a bad market, while a good real estate professional will tell you that many times, a slow sale is often attributed to the listing price.

If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and “shows” better than the competition, it will have a better chance of being sold quickly.

The secret is perfecting a technique that’s as American as apple pie: comparative shopping.

Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it’s one of the best methods to use when determining a home’s market value.

A responsible real estate agent will effectively evaluate a home’s worth through a process known as Comparative Market Analysis (CMA). Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. Typically, it is a realistic price range that will ensure you top dollar and a reasonably quick sale.

However, factors such as the amount of time needed to sell your home can affect the agent’s price recommendation dramatically.

I can determine the typical duration that listings are on the market and can explain that the marketing “norms” vary with prices and properties. Based on this criteria, we will be able to sell your house for a price that both you and the buyer will be happy with. However, if you’re under time constraints because of unexpected job changes or moving agreements you’ve made on another property, this will narrow your chances of selling the home for top dollar in the market.

Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.

The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer, and other factors, such as the economy, could cloud your view of how much your home is really worth.

Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to share with you.

A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you’ve picked is a good gauge of the home’s worth and won’t discourage qualified buyers.

Being open and honest about what you see as the home’s greatest strengths and biggest weaknesses will also help your agent get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you’re well on your way to a speedy and fruitful sale.

According to the Fiserv Case-Shiller Home Price Index, home prices in Austin have begun to stabilize, but what does this mean in 2010 for home sellers and home buyers in Austin?

Take a moment to view my web-site and by signing up for your FREE market report.  If you’re considering selling your home, this may be a great time!

Home prices are showing improvement in other Texas markets as well.  Time will only tell, but you might be surprised what your home is worth in today’s economy.  Austin has wonderful appeal and so much to offer for families, retirees, college students.  I’m excited about what 2010 has to offer.  Lets make the best of it!

Happy Halloween.

This scroll, courtesy of the Napoleon Hill web-site.

It’s important to remember that establishing goals, and outlining a plan is key to accomplishing your purpose & success.

If I can ever be of assistance when it comes to real estate in Austin, let me help guide you through the process!  Please visit my web-site to get more information on the market

Mike Pourciau
Austin Texas Real Estate Agent
www.mikepourciau.com
(512) 703-7221

Run for the Water!

Registration is now open for the 2009 Gazelle Foundation Run for the Water Presented by Keller Williams Realty.   Rapidly becoming the premier fall running event for Central Texas, Run for the Water’s offers everyone from kids to casual joggers to competitive runners a great event that supports a great cause.  Retaining last year’s popular downtown and west Austin venue, events include a 5K run, 10-mile race and a Kid’s K.  Details for the race and race registration are at www.runforthewater.com

Whether you take on the 10-Miler, 5K or Kids K, every runner who enters, helps one person in the country of Burundi gain access to fresh drinking water for the rest of their life!!!  Talk about making a difference!

Gazelle Foundation team members are working to keep making the event better each year.  “Our largest growth last year was people running the 5K,” said Gilbert Tuhabonye, Gazelle Foundation executive director.  “We welcome them and encourage them to bring their friends to this year’s event.”

“I am proud of how our community has supported our efforts to help others,” commented Gazelle Foundation president Peter Rauch.  “It’s a one-for-one relationship.  By simply entering the race, every runner, regardless of their level, basically enables a lifetime of clean water for one other person in Burundi.”

The Gazelle Foundation is indebted to our Sponsors.  Quite simply, we couldn’t produce the event without their help. Keller Williams Realty returns this year as our presenting sponsor.    A longtime supporter of the Gazelle Foundation, Gary Keller and his team combine invaluable volunteer and financial support to enable the event.

This item was posted on September 14, 2009 in News.

http://gazellefoundation.com/runforthewater2009/index.php

I look forward to seeing you at this event! 

If you are unable to sign up for financial reasons, please contact our Keller Williams office.  Many sponsors have made contributions to help sponsor those who may not otherwise be able to take part in this special event.  Please call (512) 346-3550 for more information.

Thank you,

Mike Pourciau
(512) 703-7221