Choosing to sell your home can seem like a daunting task for, especially when it comes to deciding on how to go about pricing your home. You have spent a lot of time getting your home to where it is today and may believe that alone should add to the value of the home. But this is not always true. Below are six tips from Coast To Coast Home Solutions, Inc to help make sure you are pricing your home for a fast sale.
A Fair Price
You do not want to be greedy or tricky when pricing your home as this strategy could backfire in the end. You may try to price low out of the gates with the hopes of causing a bidding war to drive up the price. What if this does not happen? A price below market value can cause potential buyers to question the value of the home and try to find things which are wrong with the home. You can lose money. At the same time, If you price your home above market value it can become increasingly difficult to sell as buyers willing to pay that price might not come around.
Using the Homes in Your Area
A good place to begin when pricing your home is to compare your home to the homes in your area that have recently sold or are on the market. You can do this on your own, using the Internet, or asking your realtor. You will want to find homes with the same amount of bedrooms, bathrooms, and similar square footage.
Questions to Ask Yourself
In order to set your price fairly when comparing your home you will need to ask yourself a few questions: Is your home in a better or worse neighborhood than others? Are you comparing your home to new construction? Where is your home located compared to the other homes? These factors can either increase or decrease the value of your home.
When looking at homes in your area which have sold make sure that you also look for how long these homes have been on the market for and what was the asking price compared to the final price. These factors can play into the amount you decide on because you may be on a different timeline than these other sellers.
Potential buyers like to see key areas have been renovated and are willing to pay more for these upgrades (think: kitchen and master bedroom). You may not get all of your money back but they could make you money. If you just renovated the kitchen or did important structural improvements make sure you factor these into the price.
Make sure you understand the market that you are selling your home in. If you are located in a buyer’s market you may need to price your home lower in order to make your home competitive. If it is a seller’s market you could increase the price and make some extra money.
With so many moving parts involved in the home selling process, it can be difficult to understand where to focus. But keep in mind that pricing your home correctly is important in the sale of your home. Consider all the factors above so you are able to price your home correctly and put yourself in a position for a quick sale.