Tampa Real Estate Blog

Tampa, FL - Often, determining the best price for a property can be a very subjective exercise. There are many angles and bits of information to consider, especially for higher end properties - and even more so for those that are not located within new or deed restricted subdivisions - the answer usually is not cut-and-dried.

Upgrades, lot size, view, proximity to water and surrounding high end homes, school districts, and general location are all variables that can increase or decrease a property's value - but how much? That's the subjective part and that's where proper and effective marketing really comes into play. A well positioned and marketed home will demand higher dollars than one that is not benefitting from these key elements which go a long way in determining the price to value relationship.

The worst thing one can do is underprice a property. No one wants to 'leave money - pure profit - on the table.' But overpricing can add many months to the selling process - especially in a week market like we have today - which ultimately costs the seller even more money... They'll still have to lower the price in the long run and they will also have incurred the extra interest, insurance, and property tax expenses for the extra time it took for the property to sell.

Sometimes, the comparables don't offer any guidance, so one must go with the 'gut.' In these cases, it is best to make sure that the gut is talking sense. The advice of a good REALTOR is helpful but, ultimately, it is the seller who must make the decision.