You must master both the science and the art of pricing your house for sale, or you may find it difficult to bring in offers from potential buyers. There are some methods you can rely on when forming an educated decision about what your house is worth.
💵 Avoid Pricing Too High or Low
Unsellable – that’s what a house becomes when it stays listed for sale on the market for too long. The current crop of potential home buyers recognize the house as the price drops and begin to ask themselves why that house won’t sell.
Losing money is an obvious consequence of pricing your house too low, but you could also lose money if you price your home 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.
📊 Understand Real Estate 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.
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.
💲 Know Your Home’s Value
We suggest that you begin with a free home value estimation that gives you a foundational idea of what your home is worth in today’s market. We can provide you with a more comprehensive report that factors in current real estate market trends, upgrades you’ve made to the property, and recently sold homes in the area.
🏠 Ask a 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.