Tips For Pricing Your Home

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1. Price is king

Pricing the home too high may reduce the number of interested buyers, which can cause your home to sit on the market too long. Pricing the home too low will cause you to lose money if multiple offers don’t drive the price up to its true market value.

2. Use comparable sales

The simplest way to figure out the right price for your home is to compare similar homes that have sold in your neighborhood.

3. Compare fairly

Make sure your comparison is fair. If there are neighborhoods in your city that are more desirable, consider that in your comparison. Also consider your location and what buyers want.

4. Check the market history

Compare the original asking price with the final sale price of homes in your neighborhood, and note the amount of time the house was on the market until it sold.

5. Consider special improvements

Consider whether major improvements you’ve made warrant a higher asking price. If you’ve remodeled or your home has unique features make sure those enhancements are reflected in the price of the home.

6. Don’t ignore supply and demand

In a buyer’s market, with many homes for sale and sellers competing for attention, you may want to ask a bit less for your home to make it more attractive to potential buyers. In a seller’s market, where there is little home supply and much buyer demand, you may want to ask a bit more and maximize your profit.