How to Price Your Home Correctly When Selling
When it’s time to sell, you want to get as much as possible for your cherished residence. However, potential buyers are not interested in sentiment, which could get in the way of the sale.
Real estate agents offer an objective opinion and are familiar with what buyers in the area are looking for.
Strongly consider asking more than one agent to look at the home and provide an estimate of value. Arm yourself with as much information as possible!
A useful tool that an agent can provide is a market analysis. This tool compares your home to others in the area. You’ll see how you stack up against recently sold homes and those currently for sale.
Considering The Competition
Visiting unsold homes in the community (online or in person) is also prudent. This will give you a clear idea of what you’re up against and how your home might compare in a potential buyer’s eyes. Every home has its particular charms. Emphasizing them might be the key to a sale when other factors are indistinguishable.
To get a good estimate for your home, multiply the square footage by the average price per square foot of nearby properties. Its condition and any unique features or additions may modify the resulting number.
Establishing the market value for a home can be tricky, so your agent may suggest pricing below value to create interest and possibly spark a bidding war.
The Problem Of Overpricing
Overpricing a home carries several dangers.
Price too high, and other homes seem like a bargain in comparison.
If a buyer believes the price exceeds his budget, he’ll rule it out right away (even if he loves it otherwise!).
Overpriced homes stay on the market longer, which will immediately make buyers suspicious.
Taking Advantage Of Opportunities
What your home has to offer compared to the competition is key. Make sure the price matches the value.
Don’t miss out on a sale because of poor pricing strategy!