When you are ready to sell your home, you need to price your house to sell in your local real estate market, whether it is saturated with properties or a real estate hot spot.
When you are ready to sell your home, you need to price your house to sell in your local real estate market, whether it is saturated with properties or a real estate hot spot. A real estate agent and home appraiser can help you determine an accurate home value.
While it may seem easy to price your home in the same range as others for sale in the area, it is generally not a good idea to base the price of your house on neighboring home prices unless your properties are similar in age and features.
It is certainly a good idea to take the prices of nearby homes into account while you are deciding on a price, but you should never rely solely on these prices. Also, instead of only looking at homes that are currently for sale in your area, research which homes have recently sold for an idea of what people are willing to pay to live in your area.
When you are in the process of pricing your house to sell, don't forget that buyers will likely try to get you to lower your asking price. You can use this to your advantage by setting a price slightly higher than you expect to receive. This leaves room for negotiations and your buyers may feel like they are getting a deal. As a general rule, don't price your home at the bottom figure you will accept. Most buyers will try to negotiate a deal, and if you are not willing to budge, they may make an offer on another house.
If you know that the prices of homes in your area are gradually declining by a rough percentage each month, get ahead of the game and price your home at whatever it will sell for in several months. While this may seem like a way to sabotage yourself, you will quickly generate a high level of interest and hopefully get a quick offer. If your home takes several months to sell, you will end up dropping the price over time, so get ahead of the market and price your house to sell from the start.
It is always better to price your house with the assistance of someone who understands what houses are worth in a real estate market that is constantly changing. A comparative market analysis from your real estate agent and an appraisal from a certified professional appraiser will both give you an accurate idea of what your home is worth. Many homeowners overestimate the worth of their homes for sentimental reasons, but your home is just another property to your buyers. If you want to research your home value for free, go to RealtyNow.