Determining an Accurate Selling Price of Your Home

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It’s very common to want to overprice your home but the truth is it can really backfire. It is important to make sure you are getting good market statistics that accurately depict the goings on of your marketplace and once you have those numbers that you use those statistics in determining your pricing benchmark. Since real estate is very local, anything that goes on in the next state or even the next region may not have much impact on your particular neighborhood. In fact, within one area there may be several different results when looking at and studying buyer trends and habits.

Have an Appraiser Evaluate Your Property

One of the ways we suggest sellers get an idea of what they might expect for their home is to get an appraisal done on your home as that will likely provide a true estimate of the home’s value. At the time of purchase, lenders will require that a buyer have an appraisal done anyway. Getting one done ahead of time will not only help to determine your price but also serve as a tool to corroborate the price you set during negotiations.

Get a Comparative Market Analysis

Another excellent tool used by those in the real estate profession to help determine the right price range for your home is a Comparative Market Analysis. Your real estate agent will do an in-depth analysis of all the similar homes in your area that have recently sold. Considering the previous six months’ sold homes, they will end up at a price based on what the market will likely accept.

Accurately Priced Homes Sell Faster

It is not an easy feat to have a home on the market with all the showings, keeping the home in tip-top condition and presentable as well as the uncertainty factor of not knowing when the home will sell. That is why the more accurately you price your home to begin with, the faster it will sell and the more money you can expect to get for the home.

Keep in mind that buyers these days are usually already well into their buying cycle, particularly since they are using the Internet and other resources online to conduct thorough searches of available properties. Chances are that by the time they make it to your home, they have already looked at many other properties and probably any that were for sale in your neighborhood. These are the buyers that make offers on properties quickly and they are most serious.

To have a home that is overpriced is a missed opportunity especially if you are serious about selling and want to sell as quickly as possible. That is why it is critical to price it right the first time.
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If you would like to evaluate what your home would sell for in today’s market – contact us today and we would be glad to assist you with the process.