How much your home is worth to you and how much it is considered to be worth in the real
estate market can be two very different numbers. If you’re planning to put your home up
for sale, one of the most important factors in making a quick sale is pricing the property
correctly. There are a few important guidelines to remember.
Pricing your home too high can mean it might end up sitting on the market. Pricing it too low
means that you’re losing potential revenue and leaving money on the table. By pricing your
home “just right,” you will not only ensure that it will appraise for approximately the same
value (increasing the likelihood that your buyer will secure financing), but you will likely see an
offer or two – and if you’re lucky, multiple offers.
So, what is the best way to determine how you should price your home? It’s best to look
at recent, comparable sales, or “comps” in your neighborhood or surrounding area. Once
you have a “feel” for comps in your area, your agent can help you decide how your home
stacks up. Using his or her expertise can be helpful if you don’t have a lot of specifics about
how your home compares against others in terms of features and upgrades, additions, or
renovations.
With the market in better shape now than in recent years and inventory levels low, your
chances of selling your home quickly are good – but this still depends greatly on pricing. With
a little research and the expert advice of your agent, you’ll be able to price your home just
right to make that sale.
by Kristin Brown, www.realtytimes.com, August 20, 2013
