Friday, October 14, 2016

How To Price Your Home To Sell

What's the perfect price when selling your home? Your house might be clean and the exterior painted, but none of that will matter if you list your home for sale at the wrong price. List too low and watch your investment slip away. List too high and drive potential buyers away. When selling your home, attractive pricing and packaging are arguably the two most basic essentials.

10-15 years ago the trend was to over-price your home by 10% because you knew you would get a lower than asking price offer. Today, if you start with a higher than market value price you will still longer on the market and end up lowering the price anyway. Overpricing is not a good strategy. When you price your home too high, potential buyers will likely ignore the listing.

Consider the following when pricing your home:

Past Sales: The best starting spot to successfully price your home is researching past sales. Look up homes within a mile of your listing. In most cases they will not be exact, however it will give you a great understanding of the true market value.

When searching past sales try to narrow the search to square footage that is +/- 200 of your home and year built +/- 7 years. You should be able to come up with at least a few good com parables to base your listing price on.

Activity: Base your price on recent sales but it is a great idea to know what the activity of pending and active listing are in the area. Remember that active listings haven't sold. These homes are your competition. It's very important knowing what your competition's pricing is.

Upgrades/Extras: The second component to selling your home is the condition your home is in. Your price should reflect the condition as well. If you have updated your kitchen and bathrooms, take that into consideration when pricing. On the other hand if you still have original 1970 shag carpets your price should reflect that as well.

Think like a buyer, if you have a great view or an amazing back yard to entertain make that a point in your marketing.

Savvy Lane can list your home on the MLS for a flat fee (starting at $95) saving you thousands. Our most popular package gets you a CMA to help with pricing. Call us and see what you can sell your home for and how much you can save listing with our service.

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