Tips for Knowing how to Price your Home
One of the most important things you can do when listing your home is to set the right price when it first hits the real estate market. A recent survey by HomeGain revealed that 76% of homeowners putting their home for sale believe their property is worth more than the recommended list price suggested by their real estate agent. Plus, 68% of buyers think homes for sale are overpriced. These statistics are no big surprise. When selling a home, you want to get the highest offer you can, while home buyers want to purchase wisely. With this in mind, here are a few things to remember when pricing your home for sale.
Aspects of Pricing a Home for Sale
Pricing homes for sale isn’t an exact science. There are many variables to consider.
What Homes Sell in Your Neighborhood?
Of those homes recently sold in your area, which residential properties are comparable to the home you have for sale? Did those homes feature pools, comparable square footage, or the same number of bedrooms and bathrooms? Homeowners also want to consider any upgrades that have been completed and whether or not they add value to your home for sale. Having a list of these readily available for agents and prospective buyers is always a great idea.
Real Estate Location Trends
The condition of a home for sale may change over time, but the location does not, and location is a huge factor in pricing a home. Is your neighborhood conveniently located close to highways, airports, and restaurants? How is the general upkeep of your area? How do the schools rate compared to nearby areas? These are just a few criteria that will assist you with when determining your home’s value and list price.
The Competition From Other Homes for Sale
Another part of pricing homes for sale is the competition. How does your home compare to what is currently on the market? A professional real estate agent will be able to provide you with current real estate trends as well as the housing supply/demand in your area. Knowing the average number of days homes for sale remain on the market, or the total number of homes for sale locally, will help you determine an effective strategy for pricing your home for sale.
It’s not a bad idea to take some time with your real estate agent to assess the competition in your area. Knowing how your home compares to other homes for sale will give you a good indication of how your home should be priced.
Overpriced Real Estate
One of the biggest mistakes an inexperienced seller can make when pricing a home for sale is to overprice it. A common misconception is to list high and leave room for negotiation. Our skilled agents can help you avoid what happens next: Serious home buyers often skip past overpriced listings, resulting in a fewer showings and no offers. Educated sellers who work with our agents will understand that most home buyers are not concerned with what the seller wants for their home or what they paid for their home. Buyers want to know what residential real estate is worth in today’s market.
Fact: What a buyer is willing to pay is what a home is worth in current market conditions.
If you are interested in listing your home for sale and would like more information on your home’s current market value, contact the Blaser Yoakum Team. We would be happy to show you how to get you top dollar for your home!
To learn more about what goes into pricing your home to sell, contact Blaser Yoakum Realtors at 817-328-1128.
Pam Yoakum, REALTOR®