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5 Tips For Pricing Your Property To Sell
For some, selling a home isn’t a big deal. They may know the value of their property, and perhaps they’d prefer to wait for the right buyer to come along, one willing to pay what the property is worth. Others may not be able to afford such a luxury. For whatever reason, you might need to sell your property fast. But how much should you ask if this is the case? How low is too low? If you’re looking to sell your home under real estate value without losing an excessive amount of money, here are five tips to find the right asking price:
1. Do Not Wait to Drop the Price
The most common strategy for home sellers is to put their property on the market with a high asking price. The thought behind this move is to lower the price at a later date, should it remain unsold. The problem with this approach is the home seller will often lose out on interested buyers. After the first 30 days, buyer interest will drop dramatically.
Too high of an asking price will discourage both buyers and agents from investigating your property. You will be giving the impression of either not being a serious seller, or not willing to participate in any form of negotiation. Turning off potential buyers during the first 30 days of listing could leave you with an unsold property for months to come.
2. Consider Four Factors
When determining a reasonable real estate value for your home, it is important to weigh the following:
Your Willingness to Wait
How desirable is your location? What have other homes in your community sold for? What is the condition of your home in comparison? How quickly do you need to sell? Once you’ve determined a fair list price, leave a little wiggle room for negotiations.
3. Consult a CMA
A CMA is a useful report for coming up with a fair asking price. It will inform the home seller of the strength of their area’s current market by using data from active, pending, and sold listings. The compiled information reflects the last 6 to 9 months and is often used by real estate specialists in their formula to create an asking price for their listings. From there you can look at the features of your home, measure them against others in your area, and adjust accordingly.
4. Hire a Professional
While the final price is ultimately your decision, it is always helpful to seek the counsel of an agent who is trusted and has the experience to back him or her up. Setting a price point for your home is crucial, and although you can use statistics to help back your decision, there is no clear-cut way of finding “the right” price. Something of an art exists to pricing in the real estate industry, and a real estate specialist will possess both the knowledge and the perception of your local market to estimate a fair selling price.
5. Be Discerning
Some banks will list a foreclosed property on the low end and encourage buyers to bid up the buying price. It’s also a successful trick for sellers who are looking to sell their home quickly, but whatever you do, be discerning when it comes to offers. Do not allow yourself to reach the point of desperation where you will accept any lowball offer. If there is enough interest in your home, wait to see who is willing to make the best offer.
Also, be careful when selecting a real estate agent. Make sure you go with an expert you can trust. If an agent promises a price you think might be a bit high, ask to see comparable and hard statistics supporting their suggestion. Some agents may seduce you with the promise of a higher price, only to hook you in and leave you with your home on the market for much longer than needed, until you are forced to reduce the price. Honesty is an invaluable quality in a real estate agent.
Remember, real estate value and finding the right asking price is important. A general rule to go by is if no one comes to see your property during the first 15 days, reduce the price by five percent. If you have some interested buyers take a look but receive no offers, lower it by three percent. If you are quick to adjust and actively changing your price to best suit the buyer market, you should be successful in selling your property fast!
Whether it is your first home or the home you plan to retire in, I will be there to ease the process every step of the way! I find great pleasure in helping people achieve their goals in real estate a....