Nov 11, 2012
Q: When a buyer is looking to purchase a home, how can they tell if the price is set too high?
A: When a buyer is searching for a home and wants to place an offer, recently sold properties that have closed in the past few months always dictate an offer price.
Certain items that determine a home’s asking price are any newer upgrades such as a new kitchen, new bathrooms, siding or windows. A “done” home will always fetch more money due to the lack of work needed and move-in condition. Homes with older upgrades or no upgrades will always fetch a lower price based on the work needed to bring that home into the 21st century.
Other resources that a consumer can use to determine pricing can be anything from an array of online real estate sites such as Realtor.com, Zillow or even my company’s site, www.wpsir.com. If a buyer or seller has a specific question needing an answer from a professional, my phone is always available.
Realtors are very important in determining appropriate pricing on a home. We, as professionals, use a multitude of online tools, years of pricing and closing homes and familiarity with the town we work in to determine an accurate price.
—John Rose, William Pitt Sotheby’s International Real Estate, 203-209-3904