How to Price Your Home Correctly When Selling

When it is time to sell a home, every family wants to get as much as possible for their cherished residence. However, potential buyers are not interested in this sentiment, which could get in the way of the sale.

This is one of the keys to setting the right price from a home when thinking about selling. A Realtor will be a valuable asset as they are familiar with the elements that are most valuable and what buyers in the area are looking for.

Getting Help Setting A Price For A Home

It would be a good idea to ask more than one real estate professional to look at the home to get their opinion about its worth. This is their chosen line of work and they are the expert in the field.

A valuable tool for homeowners real estate agents can provide is a market analysis of the home and how it compares to others in the market. They will be able to explain the similarities and differences in recently sold homes, what the price was, and offer information about those still on the market.

Considering The Competition

Visiting the other homes in the community that have not sold yet and represent competition for potential buyers to choose from is also wise. This will give the homeowners a good idea of what they are up against and how a home might compare in a potential buyer’s eyes. Every home has its particular charms and emphasizing them might be the key to making a sale when factors relating to location are the same.

Market Value

To get a good estimate for the home, multiplying the average price per square foot for local properties by the square footage is a good start. Considering the condition of the property and how it compares to others will modify the price somewhat as will any unique additions to the home.

Establishing the market value for a home is always tricky, so real estate agents may suggests pricing the home below value to create extra interest, and possibly a bidding war.

The Problem Of Overpricing A Home

Overpricing a home carries several dangers, which makes offering the home at a reasonable price better option. Pricing a home too high makes other homes look like a bargain and might even limit the number of families who look at the home because they believe it is out of their price range.

Homes that are seen as too expensive will stay on the market longer, which will make potential buyers suspicious before they ever look at the home.

Taking Advantage Of Opportunities

Avoiding the temptation to price the home higher than market value is essential. The memories the family has made in the home are of no interest to potential buyers, nor is the work the family has done remodeling and decorating.

What the home has to offer compared to other similar homes in the community is the key. No one wants to sell their home for less than it is worth, but missing a chance to sell because of overpricing might be worse.

Learn More on How to “Price Your Home Right!” from Dan Hamilton & Co. Real Estate Services

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