The home-selling process is fraught with considerations, but one of the essential decisions that sellers must make is what to price their home at. Naturally, sellers want to get the best return on their monetary investment, but many also want to their homes to sell in a reasonable amount of time. Arriving at a fair price takes some reflection, but with the following tips, you can price your home to sell and ensure that you achieve a healthy profit that you can put toward your next property or investment opportunity.
💲 Asking Price vs. Selling Price
A home’s asking price is what potential buyers will see when they search for property listings. The asking price is your ideal price, what you’d like to get for your home. Sometimes the asking price will be your selling price. Your selling price is what you will sell your home for. Some buyers will inflate their asking price hoping that they’ll achieve it. However, real estate negotiations are commonplace, so it’s typical to see a selling price that is less than the home’s original asking price.
💵 Determine Your Home’s Value
There are various ways to determine your home’s value. First, you can contact your real estate agent to help you find out what similar homes in your area are selling for. There are also various apps on the market today that will help you evaluate your home and property, so you can calculate a listing price. Many websites in the real estate industry also feature helpful tools and resources that you can use to figure out the value of your home. Typically, these tools will help you arrive at an up-to-date value that’s based on market variables. Once you arrive at a ballpark figure, you can examine some other factors that could impact the value of your home. For instance, you might have just completed a major kitchen renovation or constructed a new garage. These types of updates can affect the value of your home.
🙋♀️ How Your Real Estate Agent Can Help
Online tools only take sellers so far. There’s nothing like the personal expertise of a real estate agent who has vast experience in your selling area. Your real estate agent also has access to the best industry tools to help you estimate the worth of your home. Of course, you know what you contracted to buy the home for, so you’ll want to take that figure into consideration. In some cases, property values drop, but they can also increase over time. Your real estate agent can help you effectively assess what’s happening to properties like yours in your selling area. Your agent can provide you with up-to-date information regarding special features of your home and any updates you might have added to enhance the home’s value.
💰 How to Set the Right Price from the Start
Sometimes sellers set a price that’s simply too high. This is commonplace, but it’s something to avoid if you want to sell your home in a reasonable amount of time. Sometimes a seller will list their home base on what their neighbors’ properties have sold for. While it’s useful to consider what nearby houses sell for, that criterion doesn’t employ a whole-picture strategy for pricing your home. Another property might have special features like an in-ground pool or recently remodeled floor plan. Plus, inflating the asking price of your home too much is simply going to turn off buyers who are keenly aware of market values and what to expect in certain pricing tiers. By pricing your home right from the start, you can eliminate the frustration and get straight to the business of selling your home for what it’s worth.
🗣 How to Manage the Negotiations Process
Negotiating a price for real estate comes with the territory. Price negotiation is another area where your real estate agent can help. While your agent won’t tell you what to do, they can provide you with plenty of background information that can inform the negotiation process. If a potential buyer makes an offer that is substantially lower than yours, you certainly don’t have to accept. Your agent will likely tell you to keep the ball in your court; it’s your property, after all, and you deserve to be in control of its sale. Whether or not you want to play hard ball when negotiating any aspect of your home’s sale is entirely up to you. Ultimately, you must be comfortable with the result.
Pricing your home is one of the most important factors in the home-selling process, so be sure that you evaluate all aspects of home appraisal when arriving at your asking price. You should also have a cut off for what you’re willing to sell the house for. This can help you when it comes time to negotiate the home’s sale.
Your real estate agent is the best source of information about the local community and real estate topics. Give me a call today at 407-625-3227 to learn more about local areas, discuss selling a house, or tour available homes for sale.