Pricing Your Home
Home Selling: How To Set The Right Asking Price
Many homes remain unsold for a long time because they’re over-priced. Pricing your home right is essential if you want to sell your home in quickly. Expecting more for your home than the prevailing market rate will only delay the sale of your home, unless your home has something more to offer than other homes in your area. When it comes to pricing your home, you need to consider the following:
- You are competing with other similarly priced homes in your area/town.
- Home prices are based on square footages, number of bedrooms and baths, and other factors.
- If there is a surplus of homes on sale, you’re going to have to set a competitive price.
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SOME FACTORS THAT AFFECT THE PRICE OF A HOME
- Location: You can’t get away from this one. If your house is located in a desirable area that’s in demand, you will be able to get a higher price than you can for the same house in a less desirable area.
- Condition: A house that has been better maintained and shows better will always sell for more than one that has a neglected or unmaintained look or one that needs work and/or updates.
- Desirable amenities: If a house has amenities that are currently popular in the marketplace, it will also bring in a higher price.
With that being said, some homes will sell for more and some will sell for less. It all comes down to how you set your asking price, how you go about negotiating the offer and what your out of pocket costs are in the selling process. Here, we’ll discuss how you can determine a fair asking price for your home in prevailing market conditions…
Real estate agents? Whether you intend on using the services of a realtor to sell your home or not, they will call you to offer their services so you may as well get them to provide you with some information. Realtors will usually offer to give you a free “Comparative Market Analysis (CMA)” of homes recently sold and presently on sale in your neighborhood. This data should be useful in helping you set a reasonable asking price, keeping the features of your home in mind and how it compares with the others.
Internet Listings? Browsing internet sites for home sales in your area, will give you a fair idea of how much you can sell your home for as well. There are plenty of ‘by owner’ sites with many internet listings and there is also realtor.com, zillow.com and trulia.com which offers MLS listings.
Driving by the neighborhood? Surveying the area yourself and visiting homes presently on sale will give you a good idea of what you may be able to get for your home.
Home Appraisal? Getting a real estate appraiser to put a value on your home, based on its condition and recent home sales in your neighborhood, should give you a fair price range in which you can sell your home. The appraisal can also be used to help justify your price when negotiating with buyers.
Set your price after investigating two or more sources, so that you can justify your price. Your home will sell fast as long as there’s a reasonable amount of demand for homes in your neighborhood and you don’t overprice your home when compared to other homes in your area.
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