Setting a Price for Your Boston Area Home

When setting a price and trying to sell your Boston area home, conventional wisdom would have you think low-ball price. That thinking is not necessarily correct, however.

In residential real estate, the asking price is often as much about psychology as it is reality. Most home buyers don’t realize that setting an asking price is primarily a negotiating tactic. When you set a list price, you’re sending a signal to the market.

Selling your Boston Area Home means making sure you set the best price for it.Many sellers overestimate the worth of their Boston area home, and some agents will start with a price that is too high to avoid hard feelings. Others agents may start high just to get the seller’s business or, conversely, they’ll price too low for a quick sale and commission.

When pricing your Boston area home for sale, remember one key thing. No one cares what you paid for the home. It’s all about what it’s worth in today’s market.

Psychology of Pricing a Boston Area Home

No one claims to fully understand the psychology of pricing a Boston area home. But some common practices have emerged. For example, research has found that an exact asking price, such as $595,475, often indicates that the price is less negotiable than a round number, such as $600,000. Perhaps those using precise pricing show confidence in their price.

Additionally, pricing at $599,900 rather than $600,000 influences buying decisions on a subconscious level. The home “seems way cheaper.” And even when a Boston area home sells above asking price, the initial lower asking price can make buyers feel like they are getting a great deal. The goal is to make it stick in your head that you’re getting a bargain. It’s the way our brain looks at numbers.

Above all else, listen to your listing agent when he or she recommends a list price for your Boston area home. Your agent knows the market and what’s selling. You have about a month to six weeks when your home hits the market before it starts to get stale and fade from prospective homebuyer’s minds.

More articles about selling your Boston area home can be found in the Boston Home Selling Tips section under Boston Real Estate Categories Categories to your right.

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Selling Boston Area Homes – Watch Curb Appeal

If you’re currently selling Boston area homes, or just considering selling, one thing you need to remember: You don’t get a second chance to make a good first impression. That’s why you must watch your curb appeal, and make sure you kick it up a notch to stand out in the neighborhood drive-by.

Even if your budget is limited, there are still some things you can do to increase the perceived value of your home so potential buyers aren’t turned off before they even get to see the inside of your Boston area home…

For more tips on selling Boston area homes, check out our other articles and information at the Boston Home Selling Tips link to your right under Boston Real Estate Categories.

In the meantime, keep up with our daily real estate and mortgage related news tips as we post them on Twitter, and find us on Facebook as well.

Challenges When Selling Your Boston Area Home

When selling your Boston area home, there are a lot of things to think about and do, especially if it’s your primary residence. Aside from all the normal things that go with moving, like packing, finding a mover, notifying everyone, etc., there are a lot of other details you need to devote your attention to.

Things to Consider Before Selling Your Boston Area Home

When selling your Boston area home - clear out the clutterFixing Things – Before putting your house on the market or contacting an agent, you need to make sure your Boston area home is ready to sell. Repainting the house, fixing anything that’s broken and replacing damaged fixtures inside and outside. Clean up and clear out clutter. Keep in mind that presentation is everything, so you need to get as much work done before placing the property on the market.

Find an Agent – Make sure you hire a professional real estate agent to help you in selling your Boston area home. Someone who knows a lot when it comes to the delicate processes and legalities of selling your property. Whoever that person might be, make sure they have a proven track record. Since you will hire a professional for the job, expect there to be a lot of money involved. Real estate agents get a percentage of the selling price. That amount will be out of your pocket as soon as the process starts. Also, remember you will pay any sales taxes on the commission. Of course, you can always decide not to hire an agent to sell your property, but you need to prepare yourself to do all the legal work; and that could be very tricky if you don’t know what you’re doing.

Detach Yourself – It’s easy to become emotionally involved in selling your Boston area home. This may even be at the top of the biggest challenges home sellers will face once they decide to sell. Once you make up your mind, know that it already becomes a commodity. People will be going in and out to check the property and you cannot get too emotional if they start criticizing your home. People may appreciate it or not, so be ready for those comments and take them constructively. You may or may not decide to make the improvements from those observations but don’t let them get to you.

Consider Market Conditions – Don’t be in a rush about selling your Boston area home. You need to study the market condition and see what options are available. Get someone who can give you an appraisal that’s realistic and well documented according to market conditions. If you think your price is too high, you may want to consider selling at a lower price or offer. Whatever that price may be, make sure it’s coming from a professional who’s not ripping you off.

These are just a few of the things you need to consider when selling your Boston area home. For more tips on selling your Boston area home, check out our other articles and information at the Boston Home Selling Tips link to your right under Boston Real Estate Categories.

In the meantime, keep up with our daily real estate and mortgage related news tips as we post them on Twitter, and find us on Facebook as well.

Selling a Boston Area Home – Minor Improvements May Help

If you’re selling a Boston area home, making minor improvements may help you get a faster sale.

Make sure your property looks good and is nicely spruced up on the outside, rather than considering larger scale renovations that may not recoup your investment.

Selling a Boston Area Home – Best Improvements to Consider

Selling a Boston Area Home - Suggested ImprovementsA recent survey canvassed interior designers and real estate agents, asking them to identify the best home improvements sellers could make. According to the article in Propertywire, it was agreed that minor improvements such as redecorating walls in neutral colors, and making other minor improvements such as landscaping upgrades could be cost effective and may help achieve a faster sale.

It was also agreed that sellers should avoid taking out costly projects just before selling a Boston area home, as the increase in the sales price might not equal the money and time spent on remodeling the property. Instead sellers are advised to focus on improvements that will help broaden the appeal of the home while bringing it up to reasonable standards.

Buyers are expected to have an increased choice of properties on the market this year compared to last year. It’s best to concentrate on improvements that will appeal to the largest number of people. Buyers tend to shy away from inheriting someone else’s style and taste. Instead freshly painted rooms in neutral colors, a neat and tidy yard and a clutter free home will always give a property added appeal to the most number of people. The number one piece of advice is to make sure the home looks good from the outside, and that it has good curb appeal. A freshly painted front door combined with a clean and tidy entrance helps to give good first impressions.

When selling a Boston area home, although major renovations are not recommended, sellers are advised to spend a little bit of money on smaller updates. These might include renewing older style lighting fixtures, and carrying out minor kitchen and bathroom updates. This might be something as simple as just renewing out-of-date cabinet or door handles.

De-cluttering is at the top of the list of things to do when selling a Boston area home, as is thoroughly cleaning the home. If the property feels spacious and clean it makes it easier for potential buyers to envision living there.

Check out our other articles and tips on selling a Boston area home by visiting the home selling tips section of our website to your right under our Boston Real Estate Categories. And be sure to Find us on Facebook, and Follow Us on Twitter.

Selling Your Boston Area Home: Biggest Buyer Turn-Offs

When selling your Boston area home, you need to be aware of the things that turn buyers off. Then you need to do everything you can to eliminate those turn-offs before even putting your home on the market for sale.

You will not get the price you want for your Boston area home if you don’t get your home in move-in condition before the first potential buyer walks through the front door. Buyers today don’t want “fixer-uppers” and properties that need a lot of work. They want a home that is ready to live in the day the movers unload the truck.

Don’t Make These Mistakes When Selling Your Boston Area Home

When selling your Boston area home, be sure the price is right to begin with.Overpricing Your Home – If you ignore your agent’s advice and list your Boston area home at a higher price than recommended, you’re going to get some negative feedback from buyers. The worst feedback, of course, is silence. That could include no showings and no offers.

The problem with overpricing your Boston area home is that the buyers who are qualified to buy your home won’t even see it because they’re shopping in a lower price range. The buyers who do it will quickly realize there are other homes in the same price range that offer more value.

Buyers are more savvy today, and they do their homework. So sellers, beware! Don’t overprice your Boston area home!

Get Rid of Odors – Odors can come from a number of things – pets, lack of cleanliness, stale air, water damage, and more. You may not even notice it because you live with it and your nose may have become immune to it, but your real estate agent may have hinted to you that something needs to be done.

There is no buyer that will buy a Boston area home that smells bad unless they’re investors looking for a bargain. Even so, they’ll get a home inspection to find out the source of the odor. If they find anything like undisclosed water damage, or pet urine under the “new” carpet, then they will either severely discount their offer or walk away.

Find the source of any odors in your Boston area home and get rid of it before you put the “For Sale” sign in the yard!

Deferred Maintenance – This is a polite definition for “letting your home fall apart.” With your Boston area home, things wear out, break and weather, and it’s your job as a homeowner to keep your home repaired.

Buyers really want a Boston area home that’s been well-maintained. They don’t want to wonder what needs to be fixed next or how much it will cost. That just adds to their costs and they will in turn factor that in to the lower price they’ll offer you for your home.

Clutter – In short, get rid of it!  All of it!  Box up your nick-knacks, photos, and other things that make it hard for a potential buyer to visualize themselves living in your home.

Too much furniture confuses the eye and makes it really hard for buyers to see the actual sizes of rooms. If they can’t see what they need to know, they move on to the next Boston area home on their list.

Outdated Decor – The reason people are looking at your home instead of buying brand new is because of cost and location. They want your neighborhood, but that doesn’t mean they want an outdated home. Just like they want a home in good repair, they want a home that looks updated, even if it’s from a different era.

Harvest gold and avocado green from the seventies; soft blues and mauves from the eighties, jewel tones from the nineties, and onyx and pewter from the oughts are all colorways that can date your home. Textures like popcorn ceilings, shag or berber carpet, and flowered wallpaper can also date your home.

Summary – The Boston area home market is tough, and if you ignore these tips for selling your home, you’re going to be in for a rude awakening when your Boston area home is not only not selling, but getting very few showings.

For more tips on selling your Boston area home, check out our other articles and information at the Boston Home Selling Tips link to your right under Boston Real Estate Categories.

In the meantime, keep up with our daily real estate and mortgage related news tips as we post them on Twitter, and find us on Facebook as well.