Selling a home is no easy feat. There are many factors to consider for a successful outcome such as preparing your home for sale, getting the home’s paperwork together and finding a good Realtor®. The most crucial step towards selling a home however is deciding how to price it.
Pricing your home has a big impact on selling within your timeframe at a profit you are comfortable making. It takes time, thought and patience to reach the right number for your home. If it is priced accurately then you will have the highest chance of getting what it is worth and you will not have to impede the process by constantly lowering your price.
When pricing your home, you must do your research. It is imperative to know exactly how much your home is worth so having a professional appraisal completed on your home is recommended. Knowing this information will give you an idea of what you may be able to get for your home.
Using a real estate agent’s market analysis will also aid you in knowing how to price your property. A market analysis can tell you what homes in your neighborhood with similar features have sold for.
Basing your price on what other homes in your neighborhood are currently listed for sale at may put you at risk of pricing too high. These properties have not sold yet so do not assume their pricing is correct. Market value is determined by sold properties only.
Many people selling their homes make the mistake of pricing their home higher than the value thinking they can always lower it later. They feel this will help them achieve the highest result. Often, this logic backfires though causing their property to remain on the market too long missing their window of opportunity and causing their home to be considered a stale listing. Sellers end up having to lower their price so much that they sell it for less than it is worth.
Any personal attachments to your home should be severed once you are considering selling it. This is now a business transaction. If you still have an emotional connection to your home when you are putting it on the market, this may hurt your chance of selling it for the best price possible. Do not get wrapped up in thoughts of how much time or effort you have invested over the years. Those feelings will likely cloud your judgement when considering how much your home is worth.
Selling your home can be a stressful process so do not make it any harder than it needs to be. Appropriate pricing is the most vital part of selling your home as it can mean the difference between selling in four weeks or four months. If pricing your home is proving to be difficult for you, hire a professional to help you see the real picture.