What to Consider When Pricing Your Home

What to Consider When Pricing Your Home

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When preparing to sell, pricing your home is not as easy as choosing an item on the shelves of the store; the process takes a bit of information from your real estate agent as well as some facts about the home itself. When pricing your home, you need to look at listings of houses similar to yours as well as the recent sales for homes in your area. That coupled, with advice from your real estate agent, should give you a good platform to jump from when pricing your home.

Look at the Comparable Sales

Because of the rate at which the local real estate market can change, you are best served sticking with sales figures that date no more than three months ago. If your comps go too far back, they could be inaccurate for your use when pricing your home. If you want a clearer picture on the condition of the market, look at the current values of the pending home sales.

Fix what Needs Fixing

No one wants a house that looks as though it’s still stuck in the 80s. You need to update your home and give it a modern look that will sell. You can look online at other listings and get an idea of why your house would be passed over theirs. One thing to note is that you will want the cost of these improvements to worth the financial investment.

Each Home is Unique

Your home is not necessarily worth the same as the next one o the street. Though they both have three bedrooms, two bathrooms, huge kitchen with two car parking and set on a quarter acre land, your floor plan may be different. Factors like this can impact the pricing of your home.

Small Changes Can Make Big Differences

Not all homes that look similar to yours in terms of size are comparable. The house down the street that is smaller than yours could be a double lot that can be split, hence accounting for the higher 20% value than yours. Before you decide that a house is comparable, look at the comprehensive list of factors to determine if it is a good fit.

Go See Homes for Sale

Go out look at your competition, literally. Go to open houses and see what is in sale in your area. The houses that you are out seeing may still be on sale when you start the selling process of yours four months from now, or deals closed and sold. Look whose homes closed in the shortest period as they can give you an indication of what you’ll need to do about yours.

Correctly pricing your home for a fast sale is part art, part science. Put yourself (and your home) in a position to sell quickly by starting off on the right foot.

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