How to price your home right
As you start the process of selling a house, one of the biggest steps you need to take is setting the price. The challenging is getting it just right.
Sell your house for too much and it might have a hard time getting any offers, no matter how immaculate the property is. If you sell it for a low price, you might not make any profit at all, unless there is an exceptionally high demand for homes in the area. This situation can trigger a bidding war that can then drive the sale price up.
For now, let’s focus on normal circumstances. How can you arrive at the best sale price for your home? Here are a couple of ways how.
- Work with a qualified listing agent
Your agent will work alongside you to ensure the outcome of the transaction is aligned with your real estate goals. They’ll help you price your home competitively, make sure the property is prepared for the sale, and negotiate for a favorable deal, among other things.
- Ask your agent for a comparative market analysis
Through the CMA, you’ll know how long these properties were on the market and their final sales prices. You can use this data to set a realistic price for your home.
- Look at active listings in your neighborhood
Recently sold properties aren’t the only comps you can use to determine the right price for your home. Use our website to conduct a Houston County, GA property search and take a look at active listings that are similar to yours.
This information will let you know what your competition is doing. Moreover, it helps your property avoid being lumped together with their competition because they are all priced the same. Use the information to find a price that’s close to your competition so that when buyers search by price, your property stand out.
- Check out expired Listings
Find out if these listings were relisted after they expired or were withdrawn. Add the days on the market from the new and old listing to determine the total number of days they spent on the market. See if you can pinpoint common factors, such as the real estate agent or brokerage they used. It also helps to take note of the original list price.
- Consider current market conditions
There are several market factors you should consider when pricing your home. One such factor is the season. Spring is generally considered the best time to sell a home. Fall is the second best. Winter is generally slow due to holidays.
You also need to identify if the market currently favors buyers or sellers. Too much supply and not enough demand indicates a buyer’s market. Meanwhile, in a seller’s market, the housing stock is not enough to meet the demand. The latter is widely accepted to be favorable for sellers as you can sell your home for more given the low supply of homes.
- Adjust the price if necessary
The longer your home sits on the market, the less likely it will be to garner any interest. When buyers see a listing that has been active for a long time, they start to wonder what might be wrong with it. The quicker you act, the better.
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We can help you sell you your home for the right price. Contact us today to get started.