Many homeowners do not have a full understanding of how the asking price of a home should be established.  They either base their decision on what they need to get out of the sale in order to buy another home, or they base it on what they paid and adjust for inflation. Another mistaken concept that prevails is that the real estate agent sets the asking price. The truth is that buyers are the ones who establish what your home is worth in today's market.

 

When an agent comes to your home and shows you a competitive market analysis, it is made up of homes that have recently sold, home currently listed, and homes that were listed but did not sell. What these numbers represent are what the buyers were willing to pay for a home similar to yours (the solds), and what the buyers were not willing to pay (the expired listings). It also gives you a gauge as to what your competition is (the currently listed).

 

It is important to take these numbers into account when establishing the price for your home. If you price your home over what the buyers have recently been willing to pay, then your home will most likely not sell.

 

One of the biggest mistakes a homeowner can make is thinking that they will start with a high price and then come down on the price later. The reason this is a mistake, is that the first 2 weeks that a home is listed is the hottest time on the market. Buyers who have been looking for a home for a while are always excited to see a new home listed for sale. However, most buyers are smart enough to have shopped around and know what houses are selling for in your area. If you house enters the market priced higher than all the rest, the buyers won't even bother looking at it.

 

Later, when you decide to lower your price to what other homes are selling for in you area, it will be too late. You will have missed the initial wave of buyers that a new listing creates. If buyers do look at your home later, they may wonder if you lowered the price because something is wrong with the house. They may be more careful when inspecting the house, which may bring up more problems to fix.

 

Time on the market always works against you. When all is said and done, you may end up having to come down on the price even farther than your neighbours, just to get it sold.

 

The smartest way to price your home is to be very competitive in the beginning. Sometimes you'll get so much interest in that first wave of buyers, you'll end up with two or more offers at the same time. If several buyers are interested in the same property, it can drive the price up higher.

 

Finally, keep in mind that real estate agents should always advise you to price you home at fair market value.  You should hire an agent based on their qualifications and not on how high they are willing to list your house.  Remember that in the end it comes down to what the buyer is willing to pay and not what the agent is willing to list it for.

 

 

 

Family ties can only be strengthened by coming together. Family reunions are a great method for letting the family convene. But what is involved in putting together a family reunion?

 

Planning: It takes up to six months to plan a family reunion. The first step is to recruit other family members to help in the planning of the event. Then it is important to contact the family members to make sure there is sufficient interest in attending. If there is not enough interest, consider waiting until next year.

 

Once you've decided on having the reunion, a place needs to be selected that will fill your needs and plans. If it is a multi -day event, you will need to consider overnight accommodations. Outline what is available. Include price, amenities, and distance from the event.

 

Plan activities for the group to participate in. Go to a ballgame, or hire a houseboat for two hour cruises, or plan a tennis tournament, or even go bowling.

 

Be sure to plan a budget so thins don't get out of hand. Make sure to outline how the money is going to be spent when you ask for the money from each family. This will answer questions before they have to be asked.