Price 2 Sell Your House

Price 2 Sell Your House

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Picture of a house made out of moneyEvery time I speak with a seller, they ask me the same two questions… how much can I get for my home and how quickly can I sell it? Since these two questions are typically related, I put together a strategy guide for pricing your home. When your home is priced competitively, it creates a win-win, selling your home as quickly as possible while getting the best price from buyers. Following these guidelines will definitely get you in the ballpark of the perfect price to sell your house!

  • Do Your Research
    • Look at the recent sales of similar homes in your area
    • Similar means +/- 20% of your homes square footage
    • Recent means within the past 3 months or 6 months at the most
    • Also, look at the pictures and make sure they have similar layouts, countertops, appliances and the same number of bedrooms and bathrooms
    • You are looking for 3-5 homes that meet this criteria and the price to sell your house
  • Make sure to look at recent comps
    • Markets change fast, so it’s best to find comparable sales within the past three months
    • Real estate markets can turn on a dime, so a deal put together more than six months ago isn’t applicable
  • Understand that fixtures and finishes matter
    • As we all know, buyers prefer a tasteful updated home with neutral finishes and fixtures over one stuck in the past with outlandish decorations
    • When looking at comparable houses online, you must be objective. If your home isn’t updated, it’s not going to sell for as much
    • Now for the good news: The amount of $$ it would cost to upgrade your house is probably less than the difference in value. Be open to making small and/or inexpensive changes before listing your house
  • No Two Homes are Exactly Alike
    • The location of bedrooms: main floor, basement, upper floor makes a significant difference in determining a home’s value
    • Open floor plans, airy kitchens and living areas and master suites with smooth flow add maximum value
    • Buyers pay more for better floor plans and flow. A home, with an open concept kitchen/living area and three bedrooms all near each other, is much more valuable
  • Small Nuances in the Market will Affect Price
    • The time and date during the year when a home is listed will have an impact on value as well
    • See our article titled “Should You Wait for the Spring Selling Season” for information on the best times to sell
  • Go see homes for sale
    • Rarely does anyone decide to sell overnight, get out and see what’s in your area. Check out open houses nearby to see the interiors first hand
    • For sale homes you walk-through in January should be closed by the time you list in April. If not, it is an indication of poor pricing and possibly other issues
    • Check out the different floor plans, finishes and fixtures of nearby homes for sale, and considering whether each is more or less valuable than yours is excellent research for your own listing price
    • The best seller is the informed one. So don’t rely solely on your agent, do your own research
  • Use your agent as a resource
    • Bring a local real estate agent into the fold, as soon as you see a sale in your future
    • Top agents tour properties regularly, and know their market inside and out. They can likely explain the seemingly inexplicable, and offer tips to help make your home more valuable
    • A good agent has the inside knowledge on pending homes sales and their finger on the pulse of the market. But always remember two heads are better than one

Links to Additional Resources:

  1. Priced to Sell: A Game Plan for Setting Your Listing Price
  2. “What Are Comps?”: Understanding a Key Real Estate Tool
  3. Sellers Realtor Present for Appraisal?

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