Picking a price that sounds appealing to you isn’t going to fly for potential buyers. Instead, your price should be a combination of research and the consultation of a real estate agent.
Look at comparable sales
One of the most important factors in determining price is looking at comparable sales, which your real estate agent can help you find. Comparable sales are homes like yours and around your area that sold within the last few months. Looking at these homes will give you a good idea of the going rate for your home. It is important to remember even though a home may be like yours, it’s not identical and will not sell for the exact same price.
Tour active listings
Look for similar homes for sale in your area and tour them. When you enter the home, pay attention to what you like and dislike, as this is probably how other potential buyers feel about the house. If you discover something you like, try to recreate this in your home to make it more appealing to prospective buyers.
Don’t price too high
Your goal is to get as much as you can for your home, but setting a high price may not be the best way to accomplish this. Remember, there are other homes on the market, creating competition. If the asking price exceeds a buyer’s budget, they probably won’t visit your home.
Dropping the asking price could be very beneficial, but speak with a real estate agent about your options before making this decision. If your home is priced appropriately and is desirable to buyers, it’s likely you’ll receive multiple offers. Multiple offers will drive up the price and allow negotiation.
Pricing a home can be tough because there are many factors to consider. However, with the help of your real estate agent, you should be able to come up with a price that works for both you and potential buyers.
If you’re in the process of finding your dream home or are considering refinancing to free up some cash, contact a loan officer today!