June 10, 2013
Pricing a home is an art not a science. Pricing a home is very similar to pricing other items. For example, a music store prices a guitar based on what the market has suggested other buyers are willing to pay for a similar product. The same holds true for the real estate market. If a home similar to yours sells for $350,000 then a buyer in that market will likely pay a similar price. Of course it takes market knowledge and skills to understand the nuances between each guitar or house and what the value of those nuances are to a buyer.
The art of pricing a home correctly is one of the most important skills to have in the real estate business. Pricing a home correctly is finding the market value or range that will cause a home to sell. It is not an easy process, especially when dealing with downtown Orlando real estate. The eclectic mix of houses for sale in Orlando make it difficult to find exact comparable homes. Your zestimate on zillow or looking at ”comparables” on the property appraiser site will not give you an accurate number for what a buyer may be willing to pay. The computer generated values are generated by pulling up all data for property transfers and will include homes that did not sell in an open market situation.
Properly evaluating Orlando home values takes experience and market knowledge to get it just right. I use similar techniques that appraisers use because I have taken extra educational courses to learn these skills to add value to my clients experience. Knowing how to price homes helps my clients earn more money and/or sell their homes quicker.
The first step in the process is to take the closest comparable homes nearby and add or subtract depending on the different features one home has versus another. Those adjustments are not what a seller paid for an improvement but rather what the market suggests it is worth to a buyer in the area. It is not an arbitrary number – it takes research to determine what the proper adjustment should be. For example, you
may have paid $25,000 for your pool but the market in your neighborhood could suggest that it is actually a negative to have a pool. Or perhaps in your neighborhood it adds $40,000 and makes a home highly desirable. It all depends on what’s happening in your neighborhood and directly surrounding it. Condition makes a huge
difference as well!
Once I arrive at a value range, I know where a home should be priced to sell. However, there are always factors such as a strange floor-plan or quirky space that can cause a home to be worth less in the eyes of a buyer. That kind of thing you may not realize until the house has been showed a few times and you get some feedback from real buyers. That is when a price adjustment will be necessary. You
should price within the range to sell but be flexible if the feedback isn’t positive. If you can address the quirky issue yourself then by all means do that. Pricing correctly from the beginning will ensure you get top dollar. The longer the home sits on the market the less desirable it becomes for buyers.
Learn what your home is worth today and Get Moving!
Image: guitar on Everystock via creative commons
May 16, 2013
Looking for something fun and unique to do this weekend? Look no farther than Orlando’s Audubon Park neighborhood. This Saturday from 2-5:30 pm they will be having a combination scavenger hunt / trivia contest challenge!
Contact Jennifer Marvel to register!
The inaugural British Isles Adventure Race will start at 1601 East Winter Park Road in the Audubon Park Garden District. Teams of two or three compete to decipher clues, answer trivia questions and have a bloody good time. Participants who compete in a UK-themed costume will receive bonus points that will help save them time. The better the costume, the more points earned. Use your smartphone along the way to phone a friend, look up clues, and take photos!
At the end of the challenge, each participant will enjoy a free beer, fine wine or cane sugar soda to wait out the results. Prizes include free tickets to the 2014 Scottish Highland Games, tickets to a regular season Orlando City Soccer game, two free tickets to The Gothic Cotillion, gift certificate from Liam Fitzpatrick’s, and an APGD gift basket, with more prizes being added all the time.
After party at Redlight Redlight, beginning at 5:30.
Want to live in Audubon Park? Search Homes today!
Image credit: UK-London via wallyg on Everystock via creative commons
April 17, 2013
I have a special place in my heart for The Lodge in Downtown Orlando. If you can believe it they are 10 years old – wow I feel old! If you have not been to The Lodge – where have you been living the last 10 years? Congrats to the awesome guys who own this establishment on their 10 year anniversary!
The Lodge is just a fun place to go any night of the week if you’re looking for a good beer or a stiff drink and it’s a great example of successful Downtown businesses. The guys recently opened up another bar right upstairs called The Woods. The new place offers a more intimate atmosphere with craft cocktails made with fresh juices and unique spirits and the beer menu is excellent as well. Hope to attend the 10 year anniversary for this new spot in the future!
Be sure to check out the Lodge 10 year Anniversary Festivities at their Facebook Event Page or stop by and ask one of the friendly bartenders! There’s no cover for the main bar with $2 PBRs and $3 Jagers. The best part is the VIP Beer Garden with 16 of the Best Craft Beers available
Come Celebrate 10 Years of Debauchery! NO COVER, $2 PBR’s, $3 Jagermeisters, Get Served by Bartenders Past, a Beer Garden with 16 of the Best Craft Beers Available(Limited Space for the Beer Garden, so get your tickets asap!). The VIP tickets are only $25! Oh and last but not least, my favorite DJ in Downtown Orlando will be playing some old Lodge classics.
April 15, 2013
If you’re anything like me, you love historic homes in Downtown Orlando. This is one of the reasons I focus on selling in the Downtown Orlando area. I love the charm of an older home and they just do not build them like they used to! The craftsmanship of these homes is always in style.
I recently read a blog post on the Preservation Nation Blog (blog written by the National Trust for Historic Preservation) about how to shop for a historic house. If you love the charm of an older home and daydream about owning one check out this post: How to Find a Historic House! Or start searching for your new…I mean old…home today.
If you are interested in selling your home in one of Orlando’s historic districts contact me today to learn how to market the special features and what buyers are looking for in an older home!
Image Credit: J. Carter Brown / Kitty Kelley at Everystock via Creative Commons License