Sunday, January 21, 2024 / by Teresa Pileggi
4 Helpful Strategies On How To Price Your Home For A Perfect Sale
Do you have plans to sell your home anytime soon? There are many considerations that you ought to make. First, pricing your home is critical in enabling you to sell your home fast. After all, your home's price is one of the essential elements that potential buyers check whenever they are looking for a home to buy. Suppose you set a reasonable price for your home; be sure that you can sell it sooner than you expect. To keep your home from being sold for months or even years, you must know the various strategies to help you set the right listing price. This article will discuss the strategies that help you price your home for a perfect sale.
1. Hire an Agent
Hire a professional full-time real estate agent to help you estimate the price of your home. For optimal results, ensure that you work with an experienced listing agent. Listing agents will offer the much-needed walk-through and comparative market analysis to price your home right.
With the Comparable Market Analysis, an agent will compare your home side-by-side against other recently sold properties in the same condition, location and size. For optimal results, get at least 3 CMAs from 3 different realtors.
2. Hire an appraiser
While working with a listing agent is free, working with an appraiser might be different as you have to part with a few bucks. The good news is that appraisers are impartial in their opinions. Apart from getting the price you ought to sell your home at, note that this expert will allow you to identify the areas you ought to improve or update to sell your home at a better price. With all these insights in place, trust that you will get your home's market value. Remember, selling your home way over the appraised value can cause a buyer's lender to refrain from lending the buyer the funds required to close the deal. If the buyer does not have the extra funds needed over the appraised value to close the deal, the leader can back out. A lender backing out of a buyer's commitment can harm many families and is a domino effect.
3. Think like a buyer
Even though you want to sell your home, you must think like a buyer. Instead of focusing more on the sentimental value of your home, imagine whether you can still purchase your home if you are a prospective customer. Since the prospective customer hardly has finer details of your home, they will judge the value of your property from the outside point of view.
Does your house look appealing from the outside? These are some of the questions that should linger as you come up with a reasonable listing price for your home. Besides this, consider the psychological selling perspective. For instance, instead of setting your home's listing price to $1,000,000, let the price be $999,999 or even less. If the price is slightly below the initial amount, note that you can sell it fast and attract more customers.
4. Keep an eye on the market value
If you want to price your home correctly, look at its market value and then come up with a reasonable listing price. Most buyers will be keen to check the market value of other properties that fit your home's calibre and then choose the reasonably priced homes to consider viewing. Compared to the market value, your home should neither be too high nor too low. If you have to reduce the price of your home, let it be below the market value by a small percentage.
Setting the listing price of your home is a challenging undertaking. However, considering the above-mentioned ideas, you can come up with a reasonable listing price to hasten your home's sale process. More importantly, set an attractive listing price for your home to avoid sitting on the market.