Pricing your home correctly is one of the most important decisions you will make in your home sale. Play make-believe for a moment and picture the housing market as an isle in your local grocery store. Many products look similar, or pretty much the same in fact. So how do you decide which one to choose? Sometimes there are an overwhelming amount of houses out there. To get your house purchased by the shopper (the buyer) you need your price to be more attractive than the others. Here we have 4 tips to get your house off the shelf and into the hands of a happy buyer (figuratively speaking, of course. Houses are huge!)
Look at the Comparables
When you look at comparables, what you are doing is seeing what other products (houses) similar to yours are being sold for. So start doing your research! Find homes in your neighborhood similar to yours that have sold in the last few months. Now objectively look at the range these homes sold for. This will give you a look at what yours could sell for. This is one of the ways appraisers look at a home’s value and your REALTOR® can help pick out the right houses to compare if you are unsure.
Study the Market Trend
Market trends are important statistics to be aware of when pricing your home. Go online or ask your REALTOR® what the market in your area is doing. Pricing your home ahead of the curve, whether it’s a rising or falling market, will get you the best price quickly. Be warned, though, because pricing too high in a falling market will make you more and more overpriced over time as the average rates drop. The same holds true in reverse, because you don’t want your house to be sold cheaper than what it is worth. I’m sure the buyer will be thrilled, but you will not be.
Average Days on the Market
The time frame in a real estate transaction can vary with events that are sometimes unforeseen. This can be very frustrating, but pricing your home can play a huge factor in this. Look at the average amount of time a home in your area spends on the market and plan your life around that. If you need to sell sooner than the average house, you may want to adjust your price lower to sell faster. On the flip side of that, if you’re not in too much of a hurry to sell you can be a little more conservative (but attractive) with pricing your home.
Get a Professional Opinion
Get a Competitive Market Analysis from your local real REALTOR®. This will give you a professional and in-depth look at what your home is worth based on the current market. Not only that, committing to a REALTOR® in general will further help you in pricing your home to sell. They will give you a better reality of what your home is worth without your emotions getting in the way and keeping the situation realistic.
To get a comparative market analysis that is personalized for your home, click here.