When selling your home, setting the correct asking price is perhaps the most important factor that will determine success or failure. If you overprice your home, you will most likely not interest many buyers, especially when the economy is down.
However, if you do not ask enough for your home, it will put you in a bind in regards to affording another home and will end up causing you all kinds of problems. Therefore, striking that perfect balance in regards to price is ideal. To price your home correctly the first time and avoid asking too much, read the tips listed below:
Attend nearby open houses
Attending open houses for similarly sized homes in your area is a great way to find out what other houses around you are selling for. When attending an open house, compare the characteristics of your home to that of the home being featured.
Find out from the owner or owner’s representative if the house has had many offers. If you find the house is being sought after, you will know the asking price is likely right on the money.
Acquire a fair market value estimate
Before placing your home on the market, have a real estate agent visit your home and provide you with a fair market value estimate.
This is a service that is offered by many real estate agents, and it is a good tool to utilize when you are attempting to put your home on the market. Once you understand your home’s fair market value, you will know how to price it reasonably.
Hire a real estate agent
When you decide you are ready to place your home on the market, hire an experienced real estate agent who understands your local economy and knows what homes are selling for in your area. An experienced agent will be able to advice you in regards to pricing you home so it will sell quickly while ensuring you are still going to profit in the process.
To find an experienced and successful real estate agent, ask for recommendations from your friends and family. When communicating with a potential agent, ask various questions to ensure you are acquiring the right person for the job. For example, make sure they understand your goals for selling your home as far as profit and how long you desire the whole process to take.