When you make the decision to sell your home, one of the most important factors you will have to consider is the price. More than anything else, the price that you ask will determine how quickly your home will sell and how many offers from interested buyers you will receive. You want to try to get the highest price possible for your home, but you also want it to sell in a reasonable amount of time. To achieve this there are many aspects to think about before deciding on a price.
First, you’ll want to find out what other homes in your area that are comparable to yours have sold for recently. This will help you establish a reasonable price range to work with. Second, scout out the competition. Find out which homes are currently available, and how much they are listed for. Then, compare those homes to your own. Third, take an objective look at your home, noting any amenities that would attract buyers, and any necessary repairs that might give potential buyers pause, and adjust your price accordingly. Also, consider your location; are you at the end of a quiet cul-de-sac or next to a busy highway? The location of your home can be a very important factor in determining the price. Next, find out the current market conditions. If it’s a strong seller’s market, you can ask more for your home than in an otherwise equal market. Also, there are pricing strategies that some choose to utilize in this kind of market, for example, pricing the property on the low side to attract many buyers, and subsequently trigger a bidding war that could drive the price way up. This strategy is not always advisable, but there are certain conditions that would allow for it. In a buyer’s market the best approach most often is to price your home just below your competition, or on the lower end of your fair market value range. One final factor to consider is how long you are willing to have the house on the market. If you have the luxury of time, you can afford to test the waters a bit. You could set the price high, and adjust down based on interest. However, if like many, time is a luxury that you don’t have, you will want to set the price right the first time, in order to invite strong offers in a shorter amount of time.
There is obviously much to consider when setting the price for your home. A professional real estate practitioner can help guide you through the sometimes complicated process, and provide you with information to help you make an educated decision. If you need help with any of these aspects, or have any real estate related questions, please contact us, we are happy to help.