There are many important steps to take when selling your home—and pricing it is one of them. There are various factors that can impact your asking price. An overpriced home runs the risk of sitting on the market month after month with no offers. Pricing a home too low, however, means you could risk losing thousands on your sale. The following tips can help you navigate the tricky business of pricing your home to sell.
💲 Asking Price vs. Selling Price
Sellers must understand that their asking price may not ultimately be the selling price. Some sellers elevate their asking price, knowing that buyers are likely to bid less. How much should they elevate that price—and should they inflate the asking price in the current market? We can help you negotiate the various elements involved in setting a price for your home. In the end, of course, you can decide whether to hold fast to that price or settle for less upon offer. Remember the asking price is the amount you hope to receive, and the selling price is the amount a buyer is willing to pay.
🏡 Determine Your Home’s Value
Today, there are many tools available to help you determine your home’s value. You may want to hire a professional appraiser, but you can start by getting a ballpark idea of your home’s value by evaluating comparable properties. Of course, you’ll want to consider the home improvements you’ve made and specific selling features of your home when pricing. You can perform market research online by using a home valuation calculator, and we can also recommend other ways to value your house, so you can determine your asking price correctly from the start.
🙋♀️ How Your Real Estate Agent Can Help
Real estate agents have extensive experience when it comes to the valuation of homes. We are keenly aware of the markets in which we work. We work day in and day out in local markets, so we understand market values and the trends that govern them. Of course, we have many tools at our disposal that help us assist clients with home valuations that are accurate.
Typically, we will rely on six months’ worth of past home sales within a certain radius of our client’s home. We will adjust calculations based on the age of the home, its size, its exact location, and its amenities. We have access to the most updated information about area home sales. By using this reliable information, sellers can more effectively arrive at a market value assessment that helps them narrow to their eventual asking price.
💵 How to Set the Right Price from the Start
Sellers who aren’t in a rush to sell may inflate the asking price of their home in the hopes that it will sell for a higher price. In certain markets, this strategy may work. They can also lower their price if the house doesn’t sell or receive any offers. Many people, of course, want to sell their house quickly for a fair price.
To price your house right, you can rely on our many resources and tools. You may decide to hire a professional appraiser. You don’t want to set the listing price too low and lose money on your property investment; however, you may not want to price it too high because it could turn off potential buyers after it sits on the market for a relatively long period of time.
📝 How to Manage the Negotiations Process
For many sellers, it can be exciting when they receive that first offer on their home. However, that excitement can turn to disappointment once they read the offer. Sellers don’t have to accept an offer that doesn’t meet their selling criteria. Sellers can make a counteroffer that a buyer may or may not accept. We can help you make your counteroffer.
Your counteroffer may be simply based on the final price tag for the home. Often, however, buyers and sellers negotiate over the terms associated with the deal. Buyers may ask for a home warranty or to have repairs made before the sale becomes final. Sellers may agree to those terms or not. We can walk you through all offers and help you respond to them legally and in a manner that suits your wishes—and budget.
Pricing a home for sale can feel like a nerve-wracking process. It makes sense to rely on our expertise when it comes to valuation. Ultimately, of course, the choice is yours. It’s your property and you understand what you’ve paid for it and what you’ve put into it your home. By relying on our expertise and your own market research, you should be able to arrive at a fair asking price so that you can ultimately sell your home.