You know you want to sell your house, but how do you know the right price? Of course, you want to get a high return on your investment. But you can’t base the sale price of your house on what you’ve paid into it, or what you hope to get out of it. Real estate can be a complicated industry, and home values fluctuate depending on the market. Here are some tips on how you can effectively price your home to sell.
- Your real estate agent. Your real estate agent is your best go-to expert for all things real estate. Your agent is experienced in buying and selling properties, and they are equipped to guide you in that regard. By providing you with a Comprehensive Market Analysis, or CMA, your agent can show you what buyers are willing to pay for houses that are similar to yours in size and stature, in your neighborhood. The asking price and selling price are very different components in a real estate transaction. The asking price is what the buyer hopes to garner. The sales price is what the buyer was actually willing to pay. So by gauging your sale price on what buyers are prepared to pay in your area, you’re strategically placating yourself in a position to sell.
There’s nothing wrong with a second option, and you don’t need to hire another real estate agent to get one. Another way to gauge the best price for your house is to examine your property tax statements. Your property taxes are based on a percentage of your property value. Of course, the human element is missing, and your property may actually be worth more (or less) than your property tax suggests. But by taking a look into your property tax statements, you can get a general idea of what your property may be worth.
- Online Valuation Tools are all the rave, but as with the tax statements, the human factor is missing. Although an online calculator is tempting as an instant-gratification solution, that valuation doesn’t take into consideration the current condition of your property, or any upgrades you may have invested into over your years of living in that space. Nor do they evaluate the condition of your yard. If you’ve invested into your landscaping, your home may be worth more than online calculators suggest.
- Independent Appraisers are another option for providing an estimate of your home’s value. Although the property will undergo an appraisal after an offer is made, that doesn’t help you in pricing your home now. Hiring an independent appraiser may be a wise investment for you to make before you house hits the market. And making that appraisal available to potential buyers could be an additional selling point.
- Understand that sentimental value does not add to the price value of your home, no matter how many household members you’ve raised, how many holidays you’ve celebrated there, or any other emotional attachment you may have to the property. Sentimental value is priceless to you, and worthless to potential buyers. Leave your sentiments out of your decisions when it comes to pricing your property for sale.
- Visit the houses in your neighborhood that are for sale. Get in the trenches and evaluate, first person, the competition. But when you do, leave your emotional attachment to your house at home. Go in with an open mind, explore the options being offered on the market, and compare what you’ve learned with the information you’ve gathered from other sources combined.
The truth of the matter is, there’s no guaranteed method to get the most out of the house you’re selling. When offers come in on your property, it’s more than likely that there’s going to be a little wiggle room for negotiations. However, by doing your research, and then properly preparing and staging your house for the market, you’re chances of selling at the right price increase. Trust your real estate agent. Compare the agent’s CMA with your property tax records. Obtain an estimate from an online valuation calculator. Do the leg work and personally investigate what else is out there, and then clean and stage your property so it shines.
Call us today to find out how we can help price your home to sell. You can reach us at 951-515-8931.
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