When we are selling our homes, we want it to get sold in the shortest possible time. A house sitting too long on the market will never do us any good. It will also hinder us from moving on with our lives. Pricing it right attracts people’s attention who are seriously looking to buy a home. Attracting attention moves you one step closer to receiving offers from interested buyers. Here are tips for pricing a home for sale.
Get your home appraised
Getting your home appraised is the only way to get an impartial expert opinion. It lets you know the current market value of your home. The appraiser will tell you how he or she came up with the conclusion and the factors that affected your home’s value. You can also ask the appraiser for tips on what you can still do to potentially increase its value. Use the appraisal report to set an attractive asking price for your home.
Look at comparable listings
This tip means hiring an agent and asking him or her to pull in listings for similar homes. The two of you should work together to study the figures. Look at asking prices and compare them with the actual selling price. This should give you a clear idea of how much buyers are willing to pay for a similar property. Ask yourself what’s your lowest acceptable price. From there, set your asking price at least 10% to 15% higher to make way for possible negotiations once you receive offers from interested parties.
Know the current market conditions
You should know where the housing market is headed. Take a look at the trend for actual selling prices of similar houses. Are they going up or down steadily? Use this information to your advantage and price your home competitively. Knowing the current market conditions also means sizing up your competition. The real estate market is very competitive. How you set your asking price is what will make it stand out and get noticed.
Put yourself in the buyer’s shoes
When selling your home, think like a buyer. Put yourself in their shoes. What makes a home attractive price-wise? What would entice you to consider buying a home? Knowing their perspective lets you meet their needs. When you’re able to meet those needs, you increase the likelihood of getting relevant offers and get your home sold quicker than other homes currently on the market.
Less is more
Price your home on the lower end of the pricing range. Buyers will first take a look at properties priced the lowest for a particular kind of home. When multiple buyers make an offer at the same time, this creates a bidding war. You will end up closing a deal with the actual selling price higher than your initial asking price.