Estimating your home’s value can be tricky — but doing it well can make a big difference in how quickly you are able to sell your home. When you are trying to attract buyers for your home, pricing and packaging are more important. Depending on your mortgage situation and your specific home, you can get to work setting your house apart in a positive way. Check out the tips below to help you find that “perfect” price to help your property sell.
Research the Area
It’s generally not a good idea to just pick a listing price out of thin air. Doing your homework will help you discover what your home is actually worth. An experienced appraiser or real estate agent can help you with a comparative market analysis to see what sellers near you are getting for their homes. It is also possible to get some information on your own with the help of sites like Trulia and Zillow. It’s important to factor in your individual situation (how soon you want or need to sell for example) as well as statistics and numbers to come to a price range realistic for your neighborhood.
Leave Room for Negotiation — But Don’t Overreach
Now that you have found a good range or target number in mind, you can think about the price that will motivate people. You likely don’t want to feel like you got less than your home is worth, what you expected or what you could have gotten. At the same time, no buyer wants to overpay. It’s a good idea for your price to give both parties a little wiggle room to work with. If you price it too high, you risk being ignored by certain buyers and if it’s too low, you risk being disappointed after the sale.
Think Like a Buyer
One of the best ways to succeed as a seller is to consider the thoughts of a buyer. In addition to understanding the market and knowing local price points, it’s important to consider the time of year. Spring and summer are hot seasons for the housing market because people with children want to get moving before the start of the school year. It’s also a good idea to stay informed about interest rates, which can have a big impact on how many potential buyers are out. You can also think about what you value in a home like large yard, updated appliances and room flow. Buyers likely value similar things so talk to your agent about current buyer trends and how to highlight your home’s best assets.
When you are putting your home on the market, you may get emotional but it’s a good idea to let the facts — and real estate experts — guide your decisions. (And if you will also be buying a new home, it’s smart to make sure your own credit is in top shape. You can get a free credit report summary, updated every 30 days, from Credit.com.)
More on Mortgages & Homebuying:
- Why You Should Check Your Credit Before Buying a Home
- How to Get Pre-Approved for a Mortgage
- How to Get a Loan Fully Approved