Now that you’ve decided to sell your house, how can you be sure that you’re setting the right price? You want to ensure that you get a high return on your investment, but you can’t set your price based on emotion or what you’ve actually invested. The real estate market is alive and ever changing. Here are some things to consider when pricing your home for sale.
Find a Real Estate Agent
Take everything you know about real estate and place it in one hand. Now, consider everything a real estate agent knows and place it in the other. You’ll soon see that their knowledge and experience outweighs your own. They can guide you in the right direction when it comes to pricing your house.
Your real estate agent can provide you with a Comprehensive Market Analysis (CMA) that illustrates what buyers in the current real estate market are willing to pay for a house that is similar to yours. It’s important to note that the asking price and the selling price are different. While the asking price is what the seller hopes to receive, the selling price is what a buyer is willing to pay. One of the keys to a successful sale is to be strategic when it comes to setting your price according to what buyers are more likely to pay.
Do Your Research
Another good way to determine the best price for your home is to check out the tax statements associated with your property. These taxes are based on a percentage of the property value. You’ll want a real estate to come in with the human element and determine if your property is worth more or less, depending on other factors, but this is a good start when you’re trying to figure out where to begin with the pricing of your house.
Another popular research tool is the online valuation calculator. You can place the information related to your house into the calculator and receive an estimate about the value of your home. Again, you’ll want to use this as an initial factor when gathering information. Your real estate agent can take other factors into consideration, such as the condition of your property, upgrades you’ve made, the impact of your neighborhood, and other things that an online calculator is unable to account for when making giving you an estimate.
Get a Professional Appraisal
You may want to make an investment in hiring an independent appraiser to give an estimate of your home’s value before you begin pricing. Keep in mind that an appraisal is done once an offer comes in, and this will not count for that, but it may steer you in the right direction when it comes to understand what adds value to your home and what may be decreasing that value. The fact that you’ve taken the time to make sure the price you’re setting is fair may prove to be a selling point for buyers.
You may have special memories that are attached to your home. Maybe you raised children there, started a business there, or celebrated special moments of your life within those walls, but you can’t consider those things when pricing your home to sell. You may have an emotional attachment, and the memories you’ve made there are priceless. You would be better served to set aside those feelings and price your house based on the real estate market and current value.
Go on a Mission
Pick a weekend and go on a mission to check out other homes in your neighborhood that are currently on the market. Check out your competition with an open mind. Take notes and compare them to what you’ve learned about the value of your house. Using this information in addition to the other research you’ve done will give you an advantage.
There are no guarantees when it comes to pricing your home to sell. Understand that you’ll want to leave some room for negotiations. By doing your research and hiring a real estate agent with the knowledge and experience to help you, you’re setting yourself up for a successful real estate transaction that brings you closer to getting the price you’re seeking.
Call The Wright Choice Team today at 804-307-2589 to discuss how they can help sell your house.