Articles and Advice
The Ins And Outs Of Pricing Your Home To Sell
If you've recently decided to sell your house, you might be experiencing a range of thoughts and emotions. Aside from committing to selling your home, deciding on your asking price is probably the biggest choice you will face during the process, and it's an important one! Working with an experienced agent is key to getting your home sold efficiently, and having professional guidance to help you determine the asking price allows you to list your home with confidence. Following are some of the ins and outs of home pricing you'll want to consider before making a decision.
- Get Acquainted With the Market
The housing market is known to change often, and trends develop because of supply and demand. Your strategy may be much different in a buyer's market than when the seller has the advantage. Do some research to understand exactly what is happening in your area where the housing market is concerned. Upfront knowledge is important in deciding how to proceed, and your real estate agent understands the market and will provide valuable insights. - The Power of Comparison
It's your right to ask any price you want for your home, but that doesn't guarantee you'll get it. An important part of pricing your home is to look at comparable homes and their selling prices. Your real estate agent can provide you with a comparative market analysis which is full of helpful information on area comps. Keep in mind that you should consider homes that are comparable in size, age, and location when setting your asking price. - Put Your Emotions on Hold
The excitement of selling your home is running high, but now is the time to look at your home thoroughly and view each aspect of it with a critical eye. Of course, your home holds sentimental value, as it should, but some parts of your home may be worth more to you than they would to a potential buyer. Are there add-ons that may detract from the value to buyers? Could your home use a makeover? The answer to these and other questions, when answered honestly, may influence how you ultimately price your home. - Spruce Up Your Home
Your home may be in good or even great shape, and if so, you may feel comfortable setting your asking price once you've done your research. Most homeowners, however, can find a few things that need attention. Small projects such as tidying up your home's landscaping and decluttering its interior may allow you to up your asking price. Potential buyers will be looking at the home as a whole but will hone in on details as well. A tidy, welcoming home is what they hope to see. - The Zero Debate
Traditionally, setting a home's price ending in too many zeros may not be to your advantage. Although there's truly little difference, a prospective buyer may be more enticed by a home priced at $299,000 versus one priced at $300,000. While avoiding the zeros may present a bargain to some, it may cause some buyers to miss your home entirely. Online real estate searches are extremely popular, and that home priced at $299,000 won't show up if the buyer sets the parameters from $300,000 to $350,000. Your real estate agent knows the market and will offer advice depending on your unique selling scenario.
Taking the time to do your research and make your home its best before listing your home will make the pricing process easier.
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