Setting the Right Selling Price

Setting the Right Selling Price

Setting the right selling price for your home is one of the most important parts of the whole sale process.  If you are working with a realtor then the two of you will sit down together and come up with a strategy.  If you are trying to sell on your own then you are going to struggle to come up with a price.  Homeowners often think that by setting the price high it leaves room to negotiate but more often than not it just leaves your home sitting on the market.  How do you go about putting a price on a home that you have lived in for years?  Let’s have a look at how you can do just that.

Get Your Home Assessed

Before you set your listing price you need to know what your home is worth in today’s market.  If you have a real estate agent then they will arrange an assessment of your property.  As a homeowner you have a tendency to overlook the flaws in your home and you are emotionally attached to the sale.  You need someone who can look at the home with a clear focus and determine what buyers are willing to pay.

Quick Sale or Can You Wait

How fast you have to sell will also determine your price.  If you have been transferred because of your job you may not be able to wait until the right offer comes in but rather you need the house sold today.  The time of year can also determine how quickly your house is sold, the busiest time of year is in the spring but that means more competition.  You need to think about all of that when setting the price.  Again sit down with your realtor and go over all your concerns and what you need to happen.

How is the Local Market?

If you are lucky enough to live in a seller’s market then that too will impact your strategy.  Take a look at comparable houses on the market in your neighborhood and how long it takes to sell.  Not every house is comparable to yours you need something with roughly the same square footage, same number of bedrooms etc and in the same condition.  Realtors generally specialize in one community or neighborhood so they will know the local market and can help you find comps.

Your pricing strategy will help you sell your home fast and for the best price.