Many people rely on the price they paid for their home as a starting point for selling, but with the ever-shifting tides of the real estate market, the price paid is not always the best metric to go by.
Since most homeowners would like their home to sell at a reasonable price and in a reasonable time, one of the struggles of putting a home on the market is determining the perfect price.
Whether your house has been on the market for a while or you’re just readying yourself for what comes next, it may be time to reconsider that starting number.
If you’re looking for the ideal price point, here are some questions you can ask to arrive at a number that will keep potential buyers interested.
1. Have You Checked Out Your Neighborhood?
Your house may have a lot of different features than the homes of your neighbors, but checking out what real estate in your area is selling for can still be a good means of determining the price you’ll be able to ask for.
Instead of just perusing the pricing, ensure you’re looking at the listings for what’s been successfully sold in your neighborhood.
Only this will allow you to determine the conditions of the market and what people will be prepared to offer.
2. Have You Completed A Home Inspection?
Instead of being surprised by repairs that need to be completed after an offer price has been accepted, organizing a home inspection before your home is sold can make a difference in the price you’re able to ask for.
Not only will this provide you with a determination of what needs to be repaired or overhauled, it can be a boon to potential buyers who won’t have to worry about your inspection revealing any hidden flaws.
3. Have You Utilized Your Agent’s Advice?
Even if you’ve done your research and carefully considered the value of your home, it can still be complicated to come up with the right price, so be sure to enlist an agent who will be able to determine a fair amount with you.
Since your agent has no attachment to your home, they’ll be able to objectively strike the right balance between what won’t sell and what’s too low.
The right pricing home, after all, may mean you’ll get to spend a lot less time selling it.
4. How Long Has It Been On The Market?
A house that has been placed on the market will attract the most attention within the first 21 days.
If this period has passed and you still have no potential buyers, it might be a good idea to ponder price.
While no offers at this time doesn’t necessarily mean that you need to lower your price, you may want to revisit the cost that other houses in the area sold for.
You can decide from here how much longer you’ll wait before receiving an offer.
5. Is It A Buyer’s Market?
When putting your home on the market, there will certainly be a value in mind that you will want to sell it for.
However, if you’re currently in a buyer’s market and there is a lot for sale, it’s possible that the price you’re looking for is not something you’re going to be offered.
For this reason, it’s important to look at what the market is like in your neighborhood and city.
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As the housing market is constantly shifting, this means you should be on top of it so you can adjust your price when needed.
6. Do You Have A Timeline In Mind?
Homeowners often have a timeline for when they want to sell their home by, but life can sometimes get in the way and make for the necessity of a swift sale.
Whether family issues or a new job have appeared on the horizon, lowering the sale of your home can be a good option to get your house off the market more quickly.
You may not get the exact price you were hoping for, but there are situations where waiting for the extra money may not be worth it.
There are a lot of factors that go into arriving at the proper asking price for your home, but by organizing a home inspection and being aware of what’s going on in the market, you should be able to arrive at a reasonable sum.
If you’re selling your home and are re-considering your price, it’s a good idea to stay on top of market trends and determine your circumstances before sticking to your original estimate. To work with a pricing pro - give me a call! -Pat Kalamatas 312.217.4398