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Why similar homes can vary in price by more than $20,000.Real estate writer Noel Peebles and co-author of For Sale By Owner Home Selling Secrets ebook explains why. Real Estate article explains answers to questions about marketing homes for sale.

Why Similar Homes For Sale
Can Vary In Price
By More Than $20,000


By Noel Peebles
Co-author Home Selling Secrets ebook

Similar homes for sale can vary in price by $10,000, $20,000 or even more. This can be confusing for both buyer and seller alike.

Pricing variances are sometimes attributed to unmotivated sellers waiting for buyers willing to pay their inflated prices. But, as many sellers discover, "what you ask and what you get" can be totally different. Even with the same asking price, similar homes can end up selling for remarkably different prices. Again the actual selling price can vary by $10,000 to $20,000 for what appears to be exactly the same thing.

Some sellers think that just because a home in the same block sold for X amount, they can sell their home for the same price. As many find out, it doesn't always work out that way.

A lot depends on the buyer and the seller and how keen each of them is to finalize the transaction. In other words how motivated is the buyer to buying and how motivated is the seller to selling? Does the seller have to sell? How desperate is the seller? How urgent is the sale?

So, it's not uncommon to have two almost identical homes for sale, side by side, sell for radically different prices. Seller "A" may WANT to sell and seller "B" may NEED to sell. The motivation for each is quite different, and so may be the pricing strategies.

Then there is supply and demand. The property market can vary from month to month depending on the number and quality of homes for sale and on how many buyers are in the market at any given time. One seller may get $20,000 more than a similar property, simply by selling a month earlier or later.

Other factors can come into play too. Like, how good are the respective buyers and sellers at negotiating the deal? How capable are the agents? And, sometimes a buyer pays a higher or lower price depending on the financing or settlement terms. And, then there is the property itself...

Two homes for sale may look the same from the outside but be immeasurably different inside. One may still have 70's or 80's decor whilst the home next door may have undergone major updating and interior improvements.

There are also exterior factors that can affect the price of similar houses in the same neighborhood. For instance, homes on primary ingress and egress streets (the main streets that lead in and out of a tract), generally appreciate more slowly than those within the tract that are not on primary streets. This is often because primary ingress/egress streets generate more traffic and are therefore, generally less desirable to a buyer. Such homes for sale may suffer lower prices.

Within a tract, a home in a cul-de-sac may generate a higher price for the same reason. Less traffic is a big attraction for many buyers. Cul-de-sacs are often like a maze and so they discourage through traffic. This can be a big benefit for those buyers seeking residential privacy. The more benefits the higher the price!

Even a property on one side of a street can sell for more than a similar property on the other side. There are factors to consider like sun, ease of access, privacy etc.

And, certain communities, because of their name, are more prestigious than others. As an example: parts of Beverly Hills (in California) are divided from other communities by a street. The homes on the Beverly Hills side of the avenue command a higher price than those in the non-Beverly Hills community across from it. The reason is simple; Beverly Hills, is known worldwide for its high-end shopping, exclusive housing and impeccable name. Homes for sale are priced accordingly.

Price can also be influenced by commercial or industrial developments adjacent to the tract. How desirable or undesirable are they? An astute buyer will check a community's master plan before committing to a binding sale. This is a must, especially if a tract (or home) is surrounded by vacant land. The community master plan (town plan) is usually drawn up by planners within the city or county and approved by a local planning commission.

In short; before buying a home for sale, always find out what is going to be built nearby and determine how it might impact the value of the tract. This background research will be time well spent, especially if you uncover something that could potentially affect the value of the home for sale.

In summary: finding out why one home for sale is worth more than another, is worth the effort. This is especially so when you consider that the purchase or sale of a home is usually the largest, single financial transaction most people make in a lifetime.

© Noel Peebles, Market Leaders FSBO real estate books.

Noel Peebles is co-author of the best selling FSBO real estate book
"Home Selling Secrets Revealed."
For details http://www.forsalebyownerguide.com

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FSBO For sale by owner advice for selling a home for sale by owner FSBO...without a real estate agent...and pocketing thousands in real estate agent commissions