2 minute read.
One of the most important and difficult decisions you make when selling your home is determining the sale price of your property. You do not want to list too high and deter potential buyers or list too low and get what you deserve. Here are four tips to help you determine the right price for your house.
1. Receive a Comparative Market Analysis
It is important for you to know how much similar homes in your community have sold for. One way to receive this information is with a comparative market analysis. This is a report that is provided by a local real estate agent. It tells you what similar homes in your neighbourhood have recently sold for. This will help you determine your home’s worth.
2. Understand the Current Real Estate Market
Whether you are buying or selling a home, it is crucial that you understand the current real estate market. If it is a buyer’s market, it means that there are more homes on the market than there are buyers. You may have a more difficult time selling your home during this time and you may consider a lower price point. If it is a seller’s market, it means that properties are moving at a fast pace. You have more opportunities to raise your sale price and make money from your home.
3. Think Like a Buyer
While you certainly want to make money off the sale of your home, you need to think like a buyer and be realistic. If your home requires a lot of updates and is in poor condition, take that into consideration as you price your home. If you do not, buyers may provide low offers to compensate for some of the upgrades and repairs that need to be completed.
4. Receive an Appraisal
The most accurate way to price your home is to receive an appraisal. This is when a professional determines the value of your home. In most situations, an appraisal occurs following an offer, but you can hire an appraiser to look at your home prior to placing it on the market. This not only gives you the information you need to accurately price your home but gives buyers less wiggle room during negotiations. Keep in mind though that hiring an appraiser can cost several hundreds of dollars.
Pricing your home to sell should not be a decision you make impulsively. By using the above tips and working closely with your local real estate agent, you will be able to accurately price your home and walk away with a deal that makes you happy.
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