Pricing Your Home To Sell
In addition to location
and condition, the asking price of a home is at the top of the list of
important considerations. When a
potential buyer is looking for a property, they want to get the best possible
value for their dollar. This doesn't
mean that a home should be priced too low, but it does mean that knowing how to
price your home is a must.
Know The Value
Regardless of whether you
are in a buyer's market or seller's market, it's important for every seller to
know the actual value of their home with the help of an appraisal. With this information, you will be able to
choose a listing price that does not exceed the home's value. At the same time, you will know how to react
to various offers that a potential buyer may make. If you can select a price that is affordable
to a range of buyers, you may receive multiple offers thereby sparking a
possible competition among the interested parties.
Do Your Homework
The asking price that you
choose should not be based on an appraisal alone, but rather a combination of
factors. One such factor is that of
recent selling prices for comparable homes in the area known as “comps.” Important comparisons include construction
year, square footage, views (if applicable), interior upgrades and additional
features that make the home unique.
While you're doing research, check out current listings and the asking
price for each home available in your area.
Set A Realistic Timetable
In researching the sale
price for other comparable homes in the area, you should also note the length
of time a particular house has been on the market. Some homes practically sell overnight, while
others may remain on the market for months without being sold. If you want to sell your home quickly, you
should consider this when setting a price.
A bargain will obviously move quicker, but it's important to make enough
from the sale to feel good about your choice.
If you aren't in a hurry to close, talk with your realtor about a fair
starting price that's at or near the appraised value of your home.
Ask Your REALTOR® For
Advice
While you hold the key, so
to speak, to your house's actual asking price, most sellers will ask their
REALTOR® for their opinion. After all,
real estate is their business and they will be working with you through every
step of the process. If you choose a
REALTOR® that you trust, give great consideration to the advice they offer.
