Pricing your house for sale is an art, and it’s a science. You’ve got to master both the science and the art of pricing your house for sale or you might find yourself stuck with a house you can’t sell. Although no one can tell you matter-of-factly what you should price your house for when you list, there are some methods you can rely on for forming an educated decision about what your house is worth.
The Price of a Bad Reputation
Unsellable – that’s what a house becomes when it stays listed for sale on the market for too long. The current crop of home-buyers recognizes the house. They continue to recognize the house as the price drops, and again, and again. Pretty soon, people begin asking themselves why that house won’t sell. There must be something wrong with it.
Losing money is an obvious consequence of pricing your house too low, but you could also lose money if you price your house too high. If you price so high that it develops the reputation of being unsellable, your only option is to remove the listing. Take the house off the market, reset, and try again later when a new group of shoppers moves into the area.
Understanding Market Trends
Your house is worth what a buyer is willing to pay. When there are more buyers than there are houses, that’s called a seller’s market. A seller’s market means home values go up – homeowners can ask for more money, boast higher price tags, because there are a lot of people willing to compete for a few houses. On the flip side, when there are more houses for sale than there are buyers who want them, the home values drop considerably. Many things can influence market trends such as seasons, weather patterns, natural disasters, political influences, unemployment rates, and more.
Because home values change from one moment to the next, your house might be worth more next month than it is right now. Or, it could be worth far less. You also, then, cannot base the asking price for your house in today’s market on the price you paid when you bought the house previously.
People may consider purchasing your house – your property and the home on it, but they’re not interested in buying your memories. Memories are non-transferrable. Wherever you go, you take your memories with you, so you cannot increase the sales price of your home based on the memories you made while you lived at that address.
FREE Instant Home Valuation Calculators
There are a plethora of websites you can go to, day or night, to get an instant idea of what your home might be worth. Keywords are idea and might. The calculators process data aggregated from various sources to determine what a home might be worth. But these calculators have no way to consider neighborhood quality, the condition of the property, or any enhancements or upgrades added to the home. But they’re cool tools, free to use, and they do give you a good rough idea of where to start with pricing your home.
Listing appraisals cost a couple hundred dollars and can’t be used for anything other than a pricing tool, but may be worth it in offering you peace of mind in knowing you’ve gone the extra mile to price your home fairly and competitively.
Real Estate Agent
Your real estate agent is going to be your greatest asset regarding pricing your home for sale. Real estate agents use the same information and techniques as appraisers do, and they also have intensive knowledge about the communities, their nuances, and the real estate temperature. Your agent can also help you discover ways to increase the value of your home so you can list it for a higher selling price.
When it comes to pricing your house for sale, you’ve got to get it right the first time. Although the idea makes sense that if the price is too high you can just knock it down in time, that can backfire and the house can stay on the market too long for its own good. Trust your real estate agent to help you price your home competitively.
Your real estate agent is the best source of information about the local community and real estate topics. Give Brock Realty a call today at 941-313-1234 to learn more about local areas, discuss selling a house, or tour available homes for sale.