Pricing Your Home To Sell
How To Determine The Right Price to Sell Your Home
Determining the right price to sell your home is not magic. If you understand the concept of supply and demand, then you will realize that the “market” determines the value of your home. You as the seller must be able to objectively (this is very hard as a seller – who in most cases believes their house is the best one on the street) look at the market.
Homes Priced Right Sell Faster
If there are houses on your street, similar in size and condition the price that these homes sold for is your indication. You do not want to overprice your home, only to have no one show it because the other homes in the area are priced lower. What happens in this scenario is that you will find yourself chasing the market, rather than leading the market.
The Market Determines the Right Price For Your Home
Realtor’s don’t determine market value they interpret it, based on the available data. In a slow market, buyers actually determine the market. In a slow market you are competing with every other seller to get that buyer to purchase your home. As much as it pains us to hear this, buyers really don’t care what you paid for the house, how much you have invested in upgrades, or your financial situation.
If you are serious about selling in the shortest time frame, then it is crucial that you price the home appropriately. Your real estate agent can help you determine the right price by providing you with data that shows houses currently on the market and houses that have sold within the last 3 months. The question to ask yourself is “are you in the market or do you want to be on the market”.
- Esther Griffiths