You have made the decision to sell your house. Determining your home's worth and understanding how to price it attractively may be the most difficult step in the home selling process. You want to get for the highest possible price for your home without overpricing it.
Experienced real estate agents will advise that listing your home at an appropriate price from its first day on market is key to selling it quickly and with the best financial rewards.
Here are factors to consider when determining the listing price for our home:
One of the biggest factors influencing a home's price is its location. They say real estate is all about location and the same holds true when it comes to price. Two homes with the same layout and same features would be priced differently in different locations.
Talk with your real estate agent about your neighborhood and average home prices in the area. Consider your area's amenities. In areas with a growing job market and economy, home prices will likely increase.
Understanding the final sales prices of other, similar homes in your area will help determine a fair asking price to sell your house. Conduct your own market research by looking up three homes sold in the last six months. These homes should be similar in size and condition. A real estate agent will help you conduct more in depth research. Evaluating these home prices gives you a clear picture of how to price your home, knowing you can compete with other homes on the market.
An appraisal gives you a deeper understanding of your home's true value. Getting an appraisal may help you come to terms with a solid pricing strategy. A buyer's funding is often contingent upon the sales price reflecting the home's value.
When setting the price, leave "a little meat on the bone." Sales contracts can require some negotiation.
Obviously, most homeowners enter the market wanting to make a profit on their home. When it comes to setting your home's asking price, be realistic. Ask yourself what you need from this sale. Are you relocating and need a quick sale? Can you wait for the right buyer to find you? A seller who requires a quick sale may need to price more aggressively than someone prepared to wait for the right sale. Communicate your needs to your real estate agent.
Consider the advice of an experienced real estate professional and to determine the right asking price for your home. Getting an unbiased opinion from an experience third party may help you remove the sentimental value of your home from the table and determine a realistic asking price.
Overpricing your home, even with the intention of dropping the price later, could be detrimental to a sale. Set a price that positions your home well in the market. A well-priced home attracts buyers, potentially triggering a bidding war. Meanwhile, an overpriced home usually remains on the market, unsold.
When you make the decision to sell your home, one of your best assets will be the help and advice of an experienced real estate agent like those found at RE/MAX DFW Associates. The real estate agents at RE/MAX DFW understand the Dallas-Fort Worth market, making them the ideal people to help sell your home. Contact RE/MAX DFW today.
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