Pricing Your Home
One of the first questions many homeowners ask before selling a property is how to price their home.
Accurate pricing can be a little tricky. Priced too high, your home will sit on the market for months; priced too low, and you won’t get your money's worth.
One of the most effective ways homeowners can determine the right asking price is by having their home appraised. Hiring a professional to determine the market value of a home can help sellers avoid setting the price too high or low, and turning off potential buyers.
There is no standard cost, and all homes are unique when it comes to selling. The are, however, several main keys that determine your property's value and pricing.
- The condition of your home
- Pricing of similar properties
- The local market
Begin by honestly evaluating your property and neighborhood. Ask yourself what advantages there are of living in your neighborhood, and who might like to live there. Are there schools, parks, or shopping nearby that add to the value? Are you near a convenient highway, or is your house a country home that offers plenty of privacy?
Take a look at your local real estate market. How does the condition of your home compare to homes similar in age and square footage? Does your house offer extras such as a pool, or two-car garage? Does your home need a little TLC or is it "move-in-ready"?
Typically, homes with additional amenities and those that are move-in-ready go for a higher price. Your Realtor will help you find your home's value based on current market, and the condition of the property. Your Realtor may also make refurbishing and remodeling suggestions.
Making sure your home is attractive, presentable, and in well-maintained condition will greatly increase your home’s value.
So what's the right price?
Your home's value is only as good as the price a buyer is willing to pay.
Therefore the price needs to be realistic and in the range of comparable home sales to attract a buyer. Put yourself in the shoes of a buyer who is comparing your home to others currently on the market.
Again, each home has it's positives and negatives in terms of neighborhood, age, condition, property size, etc. What are your marketing goas? How long do you have to sell? What price are you wanting to get?
Basically, it boils down to your marketing goals, and with a great Realtor you can find a strategy that will hit your goals at the lowest investment.
Take the Home Evaluation test, or Contact Us for more advice and helpful resources on pricing your home.