One of the most important issues when selling your home is setting the right price.
There are many variables that come into play and it's an emotional time that can affect your judgment. The key is that if the price is too low you'll leave money on the table and if the price is too high your home might take a long time to sell. So what's the best way to find that just-right price?
Remember that the correct price for your home will be set by the market. In other words, buyers are looking at a variety of homes for sale and, together with their agents, deciding what to pay for the location and features they want. Sometimes it's hard to remember that a home's price isn't dependent on what you paid for it or how much profit you think you should earn. This is why it's important to learn as much as possible about the market.
Things To Keep In Mind
When looking at comparable properties, important considerations are square footage, location, condition, and appearance. Keep in mind that some markets can change quickly, so you should pay particular attention to homes that have sold in the last three to six months.
Put yourself in the buyer's shoes and ask the hard questions that buyers will ask. Is there work to be done? Are there mistakes to correct? Buyers will be adding up the costs of updates and repairs and subtracting them from the asking price, so it's important to be realistic.
An experienced real estate agent can help you evaluate similar homes within a reasonable distance and discuss how long they've been on the market and how buyers are responding to their prices. An agent can put together a competitive market analysis for you that takes into account all these factors in a timely, easy to understand way.
Of course, buyers are human and nobody knows exactly what will happen when your home goes on the market. It's impossible to turn pricing into an exact science, but having an experienced, knowledgeable agent on your team can save you time, money and frustration as you strive to make this important decision.
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