When it comes to pricing your
home for sale, you’re going to want to take a number of things into consideration. It is imperative that you price it right the first time so you don’t have a house lingering on the market too long to where people start seeing it as a house with problems.
Important factors that can help you with determining a suitable price:
1.) Location
- Are you in close proximity to shopping centers, grocery stores?
- Is your neighborhood safe? Is there much crime in the area?
- Are the other houses in the neighborhood well cared for? Manicured lawns, good curb appeal?
- Are the other homes in your neighborhood occupied by owners or are they rental properties? Generally an area with more “owner” occupants vs. rental is preferred.
- If it is a family home, is it a reasonable commute to school?
2.) Condition
- What kind of repairs, if any, needs to be done?
- Is the structure sound?
- How do the ceilings, floors, walls, windows, and doors look?
3.) Amenities
- Updated appliances?
- New fixtures: doorknobs, light switches, or pull knobs for drawers?
- Updated kitchen cabinets?
- Fresh coat of neutral colored paint?
- Are the floors tile, wood, carpet? Are the countertops granite or linoleum?
- What does the landscaping look like? Is it easy to maintain?
- Is there a swimming pool in the backyard? Be aware that you are probably not going to see a great return on investment with your pool.
Remember, starting at the highest price and then dropping it after some time has passed will lead potential buyers to believe it is still overpriced. Under pricing can guarantee a
quick sale, but it’s at the expense of not getting the full potential of what your home is actually worth. Keep in mind you may have to come down on your price if the other houses in your neighborhood are valued at less.
Spend some time doing some research on pricing your home; there is plenty of good information available for you. A Comparable Market Analysis is a survey that shows you how much other homes similar to yours have sold for in your area. There are websites that offer you a free analysis, or if you choose to get a Realtor they will gather this information for you. Attend open houses in your neighborhood and talk with other realtors; they are experienced and extremely knowledgeable. You even have the option to hire a professional appraiser to help you determine the price. Whichever method you decide to use, with the right price on your home you’ll be thrilled at how little you had to compromise and how quickly it gets sold!