If you’re selling your home, you need to know how to price it correctly.
How do you price your home to sell in today’s market? In addition to location and condition, the asking price for a house is at the top of the list of critical considerations for buyers. When a potential buyer is looking for a property, they want to get the best possible value for their dollar. That doesn’t mean a home should be priced too low, but it does mean that knowing how to price your house correctly is a must.
Regardless of whether you’re in a buyer’s or seller’s market, every seller must know the true value of their home with the help of an appraisal or comparative market analysis (CMA). This information will help you choose a list price that does not exceed the home’s value. At the same time, you’ll know how to react to various offers. If you can select a price that is affordable to a range of buyers, you may receive multiple offers, thereby sparking a possible bidding war among interested buyers, which drives the price up.
Do your homework; the asking price should not be based on an appraisal alone, but rather a combination of factors, such as recent selling prices for comparable houses in the area, known as “comps.” Essential comparisons include construction year, square footage, views, interior upgrades, features that make the property unique, etc. When doing your research, check out the current listing and asking the price for each home available in your area.
“Do your homework!”
Set a realistic timetable. When researching the sales price of comps, also note the length of time the houses have been on the market. Some properties sell virtually overnight, while others may remain on the market for months. If you want to sell your home quickly, remember that a bargain will move quicker. However, it’s important to make enough from the sale to feel good about the decision you made. If you’re in a hurry to close, speak to your real estate agent about a fair starting price that’s at or near the appraised value of your home.
Finally, you should ask your agent for advice; while you always get the final say on asking price, most sellers ask their Realtors for their opinion. Real estate is their business, and they’ll be working with you through every step of the process. If you choose an agent you trust, consider the advice they offer; they know what they’re doing.
As always, I love hearing your comments and questions, so write them in the comments below. If you have specific questions about pricing your property or real estate in general, reach out via phone or email. I would love to help you.