Deciding to sell your home is a big decision. An even bigger decision is deciding what price to list it at. Your real estate agent will discuss the listing price of your home with you at your first meeting. It’s best to be prepared for this discussion so that you can list your home at the best price right from the start. Here are some things to take into consideration when deciding on a listing price.
Look At Comparable Properties In The Area
Check online and in the newspaper for properties listed for sale in your area. Find homes that are similar to yours and see what they are listed for. Use this as a starting point for what price to list your house at. Also take into consideration how long the houses have been on the market, and whether or not the price has been lowered over time.
Check Town Records For Recently Sold Properties
Although it’s helpful to see what prices other homeowners are listing their homes at, it is even more important to see what those homes are actually selling for. This will help in determining the market value of your home. The town keeps record of every property sold in the area, so check for homes that have been sold in the last few months. Be sure to look for homes that are comparable to your home in square footage, number of bedrooms and bathrooms, and extra amenities like a pool or deck. To keep up with the competition in the neighborhood, price your home close to what others have sold for, not what current homes on the market are listed for.
Take Into Consideration Updates To Your Home
Buyers in today’s market are usually looking for move-in ready homes with lots of updates. Newly remodeled kitchens and baths are the biggest assets, along with extra living space such as a deck, patio, or finished basement. These improvements will give you the most return on investment and will allow you to price your home higher than other less desirable homes in the area. Do some research prior to meeting with your realtor to see how much value these updates have added to your home. You can find this information online at home improvement blogs and websites.
Trust Your Realtor
Your most important ally when selling your home is your realtor. They are trained in all fields of real estate and oftentimes have years of experience in buying and selling homes. Trust their recommendation on which price to list your home for. They also should have done the research into the current market value of your home, and they may have inside information on which price points are selling quicker in your area.
The price you list your home at also depends on how long you are willing to wait to move. If you need to move quickly, you should price your home aggressively so that you have the best chance of selling.