Your house might have irresistible kerb appeal with a beautiful garden out front, and it might be bright and spacious with a large, airy kitchen, but none of these advantages will matter if you put your home up for sale at the wrong price.
Pricing your home accurately is one of the most important factors that need to be taken care of when you are putting it on the market for sale, and getting the pricing procedure right can be quite tricky. The simplest formula that comes to the mind of almost every seller is to start with the price he/she paid for the home to begin with, add a healthy mark-up, and call it a day. Unfortunately, however, it is not that simple; you need to spend weeks – if not months – on research in order to figure out just how much your home is worth, and at what price you should put your property on the market to get the best deal in the shortest amount of time possible.
When dealing in hundreds of thousands, it is quite easy to be blasé about 10 or 20 thousand here or there, and set a low price which does not do justice to the value of your property. At the same time, there is the possibility that you might get blinded by optimism, and put your home up for sale at a price which is out of the market entirely. The first approach is likely to rob you of money you could easily have obtained had you been more careful, while the latter is bound to lead potential buyers to ignore the listing. There are a few things that you should consider when pricing your home, which will not only ensure a quick sale, but will also help you get top dollar at the end of the day.
The most important thing that you need to do is abandon your personal point of view. Sellers are usually very emotionally attached to their homes, but the simple fact is that does not matter to the buyers. Potential homebuyers do not care how much you paid for the home, how much time and money you have invested in the lush landscape or the wooden flooring, or how much cash you need for the down payment on your next home. They are here to consider this house just like they will consider any other comparable house. For a while, put yourself in the buyers’ shoes and think about what price you would have agreed on to purchase this home. This will help you get a realistic idea about what the selling price of your home should be.
It is also important to have your home evaluation done by at least three real estate agents or appraisers. Ask the real estate agents to prepare a Comparative Market Analysis (CMA) for you, which will show you the prices of comparable homes in your area that have recently been sold.
You can also estimate the selling price of your home using online calculators. These calculators are quick, easy and free, and a few clicks will help you make a decision about whether or not it is the right time to sell your home.