Pricing your home can be a little more complicated than you might think. There’s a lot more to the value of your home than just the price you initially paid for it and the money you put into home improvements.
It’s critical to get your pricing right. If you price it too high, buyers aren’t going to bother submitting a bid, resulting in your house sitting on the market for a potentially long time. And the longer it sits on the market, the harder it will become to sell.
With that in mind, the following are a few tips on how to price your home to sell:
1. Consider the Current Real Estate Market
If you’re in a seller’s market, there are going to be more buyers than sellers, meaning you have some more flexibility when it comes to your price. However, setting a fair price can also help spark a bidding war.
On the other hand, if you’re in a buyer’s market, there are going to be fewer buyers and more sellers, which means overpricing your home is going to scare buyers away.
2. Compare Your Home to Recent Sales in Your Area
To get an accurate value of your home, you should compare it to similar houses that sold in your neighborhood within the past 6 months. This will give you a better idea of what the market has determined the value of your home to be.
3. Take into Account How Desirable Your Area Is
The quality of your neighborhood has a big impact on pricing. Things like a good school system and lots of local amenities can affect the value of your house.
These are three tips that will help you to price your home to sell. Pricing your home too high can make it difficult to sell while pricing it too low can cause you to lose money.
For professional help pricing your home, be sure to contact us at Randy Lindsay today.