Setting a Price of the Real Estate Property For Sale in Key West

How do I establish the price of my Key West Home?

First of all, there is no "right" price. The value of your Key West home is almost entirely dependent on what someone is willing to pay for it and how long you are willing to wait to find that person. Most Key West sellers are not in the position to wait for the "ideal" buyer who will pay their "ideal" price. They want to find the optimum price at which their home will sell in a limited amount of time. To do this, they typically rely on comparisons with recently sold homes in the Key West area. A Key West real estate agent can help you by giving you a list of homes sold through the local Key West Multiple Listing Service during the past year or so. You can also locate this information on the Internet at free websites such as http://realestate.yahoo.com/realestate/homevalues  and  http://www.domania.com

Once you have the basic sales information, you will need to match the features of the Key West homes that have been sold to your own Real Estate. For example, if your home is a three-bedroom, two-bath ranch on a typical lot, your Key West Real Estate Agent can point out sales prices of similar homes to determine a listing price. Try to limit your study to real estates that are very similar to yours. If Victorian homes are prized in your area, even a Victorian needing work will be priced higher than other styles of homes of similar size.

Perhaps equally important are your reasons for selling and how long you can wait. Typically, the most interest is generated in the first few weeks a home is listed on Key West real estate market. If you want to sell your Key West home fast, you'll want to price it so that it stands out among comparable homes on the market. If you're willing to wait (and remember that you'll be responsible for keeping the house in tip-top shape during the time it remains on the real estate market), you can afford to price it above the competition. Sellers who try to hold out for the highest price, however, may find themselves reducing the price down the line. A house that has been on the market beyond the average marketing time generates little interest from buyers, even when the price is reduced dramatically. Most buyers will assume that the home has problems which they, understandably, want to avoid.

Should I consult a professional Key West appraiser?

Those few people who cannot find comparable homes may want to consult a professional appraiser before settling on a selling price. An appraisal is the fair market value of the home, so it should be close to the probable selling price. (Lenders usually order their own appraisals, often paid for by the buyer, before approving a loan in order to ensure that the home is worth at least as much as the money being lent plus the buyer's down payment.) If you intend to sell your home on your own, without a real estate agent, an appraisal can provide valuable market information. Remember, however, that determining market value is not an exact science. A home is worth what someone will pay for it.