How to Price your Home for Sale?

If you want to sell your home fast, you need to ensure that you price it properly. Deciding a price of the home is one of the major steps and it gives you an opportunity to gain a competitive edge. Following a good pricing strategy will help you to determine:

• The value of your property
• How to attract the buyers
• How to achieve your financial goals

Being a home seller, you need to understand that a well-thought-out listing price will allow you to set a specific tone for your sale. The best way of determining a price is to draw comparables. Look at the active and sold homes in your neighborhood and then come up with a competitive price.

This is the place where you need a professional real estate agent to help you out. It’s good that you have a tentative price in your mind but you need to sit with your agent to come up with a final price. This price will be based upon the following:

• Real estate market conditions of that particular area
• Curb appeal of the property
• Nearby schools, parks, retail outlets and communities
• Reputation of the neighborhood
• Mortgage availability
• Home amenities

One of the most important things you need to consider while pricing your home for sale is to think like a buyer. It’s a fact that you do have emotional connection with the house but you have to be practical while selling it. Think about the things that attracted you to buy your home. Try to be empathic towards the home buyers. If you will think by entering in their shoes, you’ll increase the chances of selling your home faster and at a good price.

Factors influencing your pricing strategy

• If you want to sell your home faster and you are in emergency, you might have to price your home at a lower price in order to sell it ASAP.
• One of the ways of understanding the market is to figure out what a buyer is looking for. For example, if the buyers have certain expectations from the market, you need to price your home according to their expectations.
• A lot of home sellers overprice their homes and plan to come down with the passage of time. It might have worked in the past but these days, if you’ll be overpricing your home, there’s a chance that the buyer will not even look at your property. Home buyers have also studied the market and when they will see you overpricing your property and decreasing it with time; they might think there’s something fishy.
• Leaving room for negotiations is an important factor too. This doesn’t mean that you overprice your home. You can price your home adequately after drawing comparables with a negotiation limit.