Why it Pays to Price Your Home Right

A few important tips on pricing your home in today’s real estate market!

1. Faster sale

When your home sells faster, you save taxes, insurance costs, mortgage payments, maintenance costs and other ownership costs.

2. Less inconvenience

Showing your home takes a lot of time and work. You have to prepare for showings, keep your home spit-shined, arrangements to have pets and children out of the home during showings…… Proper pricing reduces this.

3. Exposure to buyers in your price range

At market value, you open your home up to more buyers who can afford the price.

4. Increased salesperson response

Buyers and real estate brokers are excited about a home that is priced right, and real estate brokers make special efforts to contact all their potential buyers since they know homes that are priced right sell faster.

5. Better response from advertising and sign calls

Ad calls and sign calls turn into showings when price is not a deterrent. Your home looks good vs. competition.

6. Attracts higher offers

When a home is priced right, buyers are less likely to offer low out of fear of losing a good home.

7. Means MORE money to sellers

If a home is priced right, the excitement of the market produces higher sale prices. You NET more, both in terms of actual sale price and in less carrying costs

If you are considering selling your home, it is important to contact a full time professional real estate agent to assist you with the home selling process. It involves much more than just filling out some forms. I would be happy to help you with your real estate needs! You can email me at Jean@ColdwellBanker.com or call (360) 941-3734.

HOME PRICE COMPARISON

COLDWELL BANKER REAL ESTATE RELEASES ANNUAL HOME PRICE COMPARISON INDEX FOR united states and SELECT international MARKETS

$2 Million Difference Between Four-Bedroom Homes In Most Expensive Market of La Jolla, Calif., and Most Affordable Market, Grayling, Mich.

Singapore Tops International List as Most Expensive Foreign Market; Salinas, Ecuador Most Affordable

PARSIPPANY, N.J. (Sept. 23, 2009) ‚Äď The 2009 Coldwell Banker¬ģ Home Price Comparison Index (HPCI) released today found a price gap of more than $2 million between the most expensive and most affordable U.S. housing markets.¬† In the annual comparison of similar 2,200-square foot homes in 310 U.S. housing markets, La Jolla, Calif. led the list as the most expensive real estate market in the country with an average home price of $2,125,000.¬† Grayling, Mich., also known as the ‚Äúcanoe capital of the world,‚ÄĚ ranked as the most affordable market in America, where a similarly sized home costs $112,675.

 La Jolla was joined on the most expensive list by 13 other California markets while Grayling was one of 20 Midwest communities on the most affordable list.  Internationally, Singapore was the most expensive market for the same type of home, $1.9 million U.S. dollars, compared with Salinas, Ecuador, which at $69,375 U.S. dollars was the most affordable studied international market.

 Differing from most housing reports that compare median prices, the annual Coldwell Banker HPCI, provides an apples-to-apples comparison of similar 2,200 square foot, four-bedroom, two-and-a-half bath homes in the United States, Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker Real Estate has a presence.

¬†‚ÄĚWhile price differentials are interesting to compare, I am most intrigued with the affordability levels now seen across much of the nation,‚ÄĚ says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC.¬† ‚ÄúThe four-bedroom, two-and-a-half bath home is one we deem ‚Äėaspirational‚Äô and usually purchased by move-up buyers experiencing lifestyle changes.¬† Thirty percent of the markets show this type of home to be below $200,000, illustrating the opportunity to take advantage of price declines, interest rate levels and increased selection of homes.¬† Encouraging these move-up buyers back into the market is a crucial next step toward helping to rejuvenate the housing industry and the overall U.S. economy.‚ÄĚ

¬†A ‚ÄúSnapshot‚ÄĚ of U.S. Home Affordability

Offering a ‚Äúsnapshot‚ÄĚ of affordability across the United States, the Coldwell Banker HPCI evaluates average home values for select 2,200 square foot single-family homes with four bedrooms, two-and-one-half baths.1 The cumulative average sales price of the four-bedroom homes surveyed in the 310 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $363,460.

 Through the comprehensive HPCI section on the Coldwell Banker web site (http://hpci.coldwellbanker.com), prospective homebuyers and sellers can calculate what similar homes may be worth in other areas and gather preliminary intelligence about the affordability of housing from one market to another.

¬†2009 Coldwell Banker HPCI ‚Äď Highlights and Top Market Lists

 Affordable and Attractive: In addition to Grayling, Mich., the following are interesting tidbits about the other nine most affordable U.S. markets: 

    • Akron, Ohio ($121,885), won the All-American City award three times and is birthplace to the ice cream cone¬†
    • Fayetteville, N.C. ($130,875), a historic city known for its strong military ties¬†
    • Canton, Ohio ($131,867), birthplace of American professional football and home to the NFL Pro Football Hall of Fame¬†
    • Detroit, Michigan ($132,000), America‚Äôs automotive manufacturing and Motown music hub
  • ¬†
    • Arlington, Texas ($138,775), home to the Dallas Cowboys‚Äô new stadium which will host the 2011 Super Bowl XLV, and the Texas Rangers’ Ballpark
    • Macon, Ga.¬† ($139,007), hometown to many legendary soul and blues acts like Otis Redding, and home of the Georgia Music Hall of Fame
    • Eau Claire, Wis. ($141,270), which has been named one of the 100 Best Communities for Young People by America’s Promise in the past
    • Port Charlotte, Fla. ($142,750), which is minutes away from the Gulf of Mexico and setting to some of the country‚Äôs best sunset views
    • Wichita, Kans. ($144,625), home to more than 30 museums and a haven for art-lovers, theatre-goers and golfers alike

 

  • Low Cost to Homeownership: In total, there are 84 U.S. markets in which the sample home price averages under $200,000.¬† The monthly mortgage cost for homes in this price range could average less than $600, and down payments could amount to less than $4,000.

 Luxury Living: La Jolla, Calif. heads the list as the most expensive real estate market in the country ($2,125,000), beating out its California neighbor Beverly Hills, where the average home costs $1,981,750.  Greenwich, Conn., whose average price of $1,519,250 places it as the most expensive market on the East coast, followed by Boston at No. 7 overall.  In total, 11 U.S. markets exceeded the $1 million average price for the surveyed home.  Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes. 

 On Average: The overall national average price of homes in the 2009 Coldwell Banker HPCI is $363,401. 

 Canadian Prices Reach Record Levels:  Canada’s brief market downturn is over, with record prices now seen throughout the resurgent market. Vancouver, BC leads the hot-again west coast at $1.17 million U.S. dollars for the studied home, nearly double that of nearby Burnaby BC at $611,243.  Boomtown Fort McMurray at $593,340 surpasses Calgary as Alberta’s most expensive market.  Canada’s largest city, Toronto, Ontario comes in at $766,643, while Charlottetown PEI remains the country’s most affordable market, priced at $147,560 U.S. dollars. ­­

 Most Expensive Internationally: The most expensive market outside the United States is Singapore, where an HPCI subject home averages $1.9 million U.S. dollars, ten percent lower than La Jolla.  Coldwell Banker Real Estate compared a total of 57 markets in 29 countries outside of the United States, with those international home prices averaging $487,844 in U.S. dollars. 

 TABLE 1

The top 10 most expensive and most affordable surveyed U.S. markets overall in 2009 are:

Rank

Most Expensive

2009 Avg. Sales Price

  Most Affordable

2009 Avg. Sales Price

1

La Jolla, Calif.

$2,125,000

  Grayling, Mich.

$112,675

2

Beverly Hills, Calif.

$1,981,750

  Akron, Ohio

$121,885

3

Greenwich, Conn.

$1,519,250

  Fayetteville, N.C.

$130,875

4

Palo Alto, Calif.

$1,489,726

  Canton, Ohio

$131,867

5

Santa Monica, Calif.

$1,460,912

  Detroit, Mich.

$132,000

6

San Francisco, Calif.

$1,363,250

  Arlington, Texas

$138,775

7

Boston, Mass.

$1,337,578

  Macon, Ga.

$139,007

8

Newport Beach, Calif.

$1,315,505

  Eau Claire, Wis.

$141,270

9

Palos Verdes, Calif.

$1,237,041

  Port Charlotte, Fla.

$142,750

10

San Mateo, Calif.

$1,090,000

  Wichita, Kans.

$144,625

 TABLE 2

The most expensive and most affordable surveyed U.S. markets within each state in 2009 are: 

 

State  Most  Expensive 

2009 Avg.

Sales Price

    Most   Affordable

 

2009 Avg.

Sales

Price

Variance

 

 ALASKA Juneau

$375,667

  Anchorage

$339,311

$36,356

 ALABAMA Huntsville

$267,314

  Mobile

$183,696

$83,618

 ARIZONA Flagstaff

$385,057

  Phoenix

$199,111

$213,373

 ARKANSAS Fayetteville

$216,125

  Little Rock

$171,684

$44,441

 CALIFORNIA La Jolla

$2,125,000

  Lancaster

$165,205

$1,959,795

 COLORADO Boulder

$622,000

  Colorado Springs

$200,002

$421,998

 CONNECTICUT Greenwich

$1,519,250

  West Hartford

$354,375

$1,164,875

 DELAWARE

Wilmington*

 

$376,250

 FLORIDA Key West

$815,750

  Port Charlotte

$142,750

$673,000

 GEORGIA Atlanta

$287,250

  Macon

$139,007

$148,243

 HAWAII Honolulu

$712,500

  Kihei Maui

$540,044

$172,456

 IDAHO Boise

$215,432

  Coeur d’Alene

$204,518

$10,914

 ILLINOIS Chicago

$768,333

  Joliet

$176,536

$591,797

 INDIANA Munster

$336,000

  Muncie

$144,996

$191,004

 IOWA Des Moines

$221,625

  Sioux City

$150,060

$71,565

 KANSAS Overland Park

$230,317

  Wichita

$144,625

$85,692

 KENTUCKY Florence

$212,720

  Lexington

$188,017

$24,703

 LOUISIANA New Orleans

$255,066

  Lafayette

$194,939

$60,127

 MAINE Portland

$310,500

  Lewiston

$212,250

$98,250

 MARYLAND Bethesda

$759,664

  Hagerstown

$237,946

$521,718

 MASSACHUSETTS Boston

$1,337,578

  Worcester

$242,769

$1,094,809

 MICHIGAN Mount Pleasant

$195,014

  Grayling

$112,675

$82,339

 MINNESOTA Edina

$392,647

  Rochester

$191,982

$200,665

 MISSISSIPPI Jackson

$238,000

  Gulfport/Biloxi

$186,500

$51,500

 MISSOURI St. Louis

$228,852

  Springfield

$156,225

$72,627

 MONTANA Bozeman

$297,488

  Great Falls

$151,100

$146,388

 NEBRASKA Kearney

$212,100

  Norfolk

$187,350

$24,750

 NEVADA Reno

$272,309

  Las Vegas

$213,120

$59,189

 NEW HAMPSHIRE Hanover

$555,222

  Nashua

$281,250

$273,972

 NEW JERSEY Ridgewood

$801,250

  Haddon Heights

$238,448

$562,802

 NEW MEXICO Santa Fe

$362,602

  Albuquerque

$215,059

$147,543

 NEW YORK Queens

$793,500

  Syracuse

$171,711

$621,789

 NORTH CAROLINA    Winston-Salem

$279,241

  Fayetteville

$113,701

$165,540

 NORTH DAKOTA Fargo

$224,426

  Minot

$157,167

$67,259

 OHIO Columbus

$307,250

  Akron

$121,885

$185,365

 OKLAHOMA Oklahoma City

$164,250

  Tulsa

$154,800

$9,450

 OREGON Salem

$335,840

  Medford

$276,367

$59,473

 PENNSYLVANIA Philadelphia

$472,396

  Erie

$206,500

$266,193

 RHODE ISLAND

Providence*

 

 $290,217

 SOUTH CAROLINA Charleston

$338,726

  Myrtle Beach

$188,123

$150,123

 TENNESSEE Nashville

$235,336

  Chattanooga

$161,975

$73,661

 TEXAS Dallas

$332,375

  Arlington

$138,775

$193,600

 UTAH Salt Lake City

$291,152

  Provo

$213,000

$78,152

 VERMONT Burlington

$352,000

  Rutland

$237,600

$114,400

 VIRGINIA Vienna

$645,946

  Winchester

$209,750

$436,196

 WASHINGTON Bellevue

$781,825

  Tri-Cities

$224,475

$557,350

 WEST VIRGINIA Charleston

$203,528

  Parkersburg

$155,000

$48,528

 WISCONSIN Madison

$298,000

  Eau Claire

$141,270

$156,730

 The 2009 average price in the District of Columbia: 

 

DISTRICT OF COLUMBIA

$642,962 *

 The 2009 average price in the Commonwealth of Puerto Rico: 

 

PUERTO RICO

$311,750 *

 *Only one market included in the study.

 TABLE 3

All surveyed international markets 2009: 

 

Country Market

2009 Avg. Sales Price in U.S. $

ARUBA Aruba

$ 314,000

AUSTRALIA Brisbane

$ 217,071

BAHAMAS Nassau

$ 458,906

BELIZE San Pedro

$ 244,300

BERMUDA Hamilton

$ 1,348,813

CAYMAN ISLANDS Cayman Islands

$ 526,250

CHINA Shanghai

$ 1,386,750

  Chongqing

$ 340,776

COLOMBIA Pereira

$ 151,884

  Bogotá

$ 182,926

  Cartagena

$ 454,102

COSTA RICA Escazu

$ 293,750

  Heredia

$ 265,000

  Jaco Beach

$ 385,500

  San Jose

$ 269,500

ECUADOR Guayaquil

$ 101,250

  Samborondon

$ 154,250

  Salinas

$ 69,375

EGYPT Cairo

$ 273,393

  6th October

$ 859,625

GUATEMALA Guatemala City>

$ 207,175

HONDURAS Roatan

$ 299,500

  San Pedro

$ 220,000

  Tegucigalpa

$ 228,166

INDONESIA Bandung

$ 112,367

  South Jakarta

$ 494,252

  Tangerang

$ 146,551

IRELAND Cork

$ 534,360

  Dublin

$ 1,127,843

  Galway

$ 746,874

ITALY Florence

$ 1,612,224

  Rome

$ 1,261,740

  Milan

$ 1,636,758

LEBANON Beirut

$ 512,000

MEXICO Mexico City

$ 207,020

  Monterrey

$ 188,435

NICARAGUA Granada

$ 239,750

  Managua

$ 221,000

PANAMA Panama City

$ 239,750

ROMANIA Ploiesti

$ 402,778

  Brasov

$ 300,764

  Bucuresti

$ 1,371,528

SINGAPORE Singapore

$ 1,898,500

ST. CROIX Christiansted

$ 602,500

TURKEY Istanbul

$ 669,000

  Ankara

$ 351,000

  Gaziantep

$ 173,500

  Izmir

$ 315,000

TURKS AND CAICOS Providenciales

$ 872,225

UNITED ARAB EMIRATES Dubai

$ 1,077,703

VENEZUELA Caracas

$ 165,615

  Maracaibo

$ 118,461

  Porlamar

$ 151,653

VIETNAM Ho Chi Min City Dist 1

$ 341,099

  Hanoi

$ 166,470

  DaNang

$ 172,900

 

Methodology ‚Äď 2009 Coldwell Banker√í Home Price Comparison Index:¬†

Coldwell Banker Real Estate LLC conducts its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States, Puerto Rico, Canada and a sampling of other countries where the Coldwell Banker system has a market presence. Companies within the Coldwell Banker system submit data based on the average sales price of comparable listings through July 2009, a comparative market analysis of homes previously evaluated for the 2008 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately) four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees.

 About Coldwell Banker Real Estate

Since 1906, the Coldwell Banker¬ģ organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine‚Äôs prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International¬ģ division. It is a pioneer in consumer services with its Coldwell Banker Concierge¬ģ Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker¬ģ is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

 
1  2,200 square feet was the baseline figure used as size criteria for the HPCI subject homes. However, it is possible that in certain markets the size of the subject homes varied.
 

2  The Canadian dollar to U.S. dollar conversion rate was $.93.  The date of conversion was 9/15, and http://www.bank-banque-canada.ca was used to convert the figures.