real estate

6 things real estate agents wish you knew

Real estate » 6 things real estate agents wish you knew

Price it to sell quickly
Price it to sell quickly © zimmytws/Shutterstock.com

Price it to sell quickly

While sellers may be optimistic on the value and price of their homes, buyers aren't, says Ron Phipps, principal with Warwick, Rhode Island-based Phipps Realty and past president of the National Association of Realtors.

"Your challenge as a seller is to price the house so that it is compelling," he says.

What that means in dollar signs: "Set a price slightly below market value," he says. Just "a fraction."

For example: If similar homes in your neighborhood are clustered around $210,000, you might price yours at $200,000 or $198,000, he says.

What the agent wishes you knew: "The longer a house is on the market, the less likely you are to get fair value," Phipps says. "So you really want to position yourself to be the one that sells, not the one that languishes."

And that old adage of not wanting to leave any money on the table? Still valid.

If you're turning around and buying a home and you already have cash in hand, thanks to a fast sale, "that puts you in a very powerful position," Phipps says.

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