No one wants to be stuck in limbo waiting for their home to sell so they can move on to the next stage of their life. That’s why it is important to know how to price your home for sale in a way that reflects its worth and the current market. In fact, a home priced more than 3% above the correct price takes longer to sell, according to the National Association of Realtors.
So What is the Right Price?
To price your home for sale, start by looking at comparable homes that have sold recently. You can take some of the guesswork out by working with a reputable realtor.
Next, consider your competition. Is the market flooded with houses for sale or is the housing inventory low? When there is a greater demand than there are houses, you generally will be able to get more for your house.
Since buyers will likely need a mortgage to purchase your home, you should also ask a lender for an estimate of your home’s value. For a few hundred dollars, you can also get an accurate estimate of your home’s market value from a qualified appraiser.
Other Tips to Securing Offers
Even with the right price, there are steps to make sure you get quality offers.
- Prepare for visitors: Get your house ready two weeks before you begin showing it. You want to make a good first impression.
- Know your limits: Be prepared for offers and decide in advance what price range and terms are acceptable to you.
- Be flexible: Whenever possible, be flexible about showings and contingencies such as move in dates. If your home has been on the market for more than 30 days, be open to lowering the price.
Once you’ve determined the right price for your home, you’ll need to be ready for showings. Check out this article on Preparing for the Showing.