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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.

 

 

Setting the Price

Save on your Investment abroadThe price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.

Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following:

  • houses in your price range and area that were sold within the last half-year
  • asking and selling prices of houses
  • current inventory of houses on the market
  • features of each house on the market

From the CMA, you will learn the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours.

Also, try to find out what types of houses are selling and see if it applies to your area. Buyers follow trends, and these trends can help you set your price.

Always be realistic. Understand and set your price to reflect the current market situation.

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