One area of listing a property that sellers tend to worry over most, is pricing a home. You want to sell your home quickly and get a fair price, but how do you know what to ask for it? Here are some tips on pricing your home to sell.
- Leave your emotions out of the process. The price of your home shouldn’t include how much you paid for the house, how much you enjoyed living there, or the fact that your kids grew up there. You’ll need to base your price strictly on what your house is worth today in your neighborhood.
- Look at similar homes in your neighborhood that have sold recently. This will give you an idea where to start pricing. You can also visit any houses that are currently for sale, to see how they compare to yours. Don’t rely strictly on square footage when you look at comps. You need to know details about how the home is laid out, what features are inside, and any upgrades to get an accurate idea of price.
- The person who buys your home is going to have a mortgage in most cases. That means that your home’s appraised value must be at least the sales price. Keep this in mind when you are setting your price, so you don’t price your home too high. If the appraisal comes in lower than the sales price, the buyer won’t be able to get a loan for that amount.
- Start with the right price. Unless you are in a really hot market with very low inventory, you will just end up lowering the price on your house, which will send a signal to buyers that it was overpriced. Likewise, pricing your home under market value to encourage multiple bids can backfire, if there is a lot of inventory or homes are not selling fast in your area.
The most important step in pricing your home is to talk to your real estate agent. A qualified real estate professional knows what’s going on in your neighborhood and can advise you on the best pricing strategy for your home.
Are you ready to sell your home? If so, contact me today. I’ll give you a market analysis to determine the value your home, so you can be sure to price it right for the local market.
Nancy Davidson is your ultimate real estate resource for Mammoth Lakes, CA and The Eastern Sierra. Visit my website for detailed information regarding today’s real estate markets.