There are a lot of factors that go into selling a home. One of the most important is pricing a home not only to sell, but to get the price that is right for you and your future real estate goals. Your real estate agent can be your best guide when it comes to setting the ideal price for your home.
Effective House Pricing Strategies
But before you even start working with an agent, having a basic understanding of what’s involved with pricing your home to sell can set you up for success.
01. Start with a Base Value – Estimate your Home Value
To set the price right for your home, you need to start with a baseline. One of the quickest ways to do this is by using an online search tool to find the average price for homes that are similar to yours in your market. There are numerous online tools out there where you can answer questions about the condition of your home, the number of bedrooms, and the year it was built, to then see an estimated value for your home. HomeLight’s Home Value Estimator is one of those tools, which uses public data to estimate your home’s value. While this can’t take the place of an inspection or appraisal, you can use this estimate as a base to see what your home is worth.
02. Use Comparative Market Analysis
Other data points can help you get a sense of where your home stands on the market. Real estate agents use what’s called a comparative market analysis to pull data for a number of homes that are similar to yours in your market to get a bigger picture of how much your home is worth. Agents have specific tools to pull this kind of data, but you can also use a website like Zillow to look at many homes that are comparable to yours at once.
03. House Price for Online Searches
In the digital age, an increasing number of home buyers look for their next dream home online. That means that the person who will ultimately buy your home may first find it on a website. Because online search tools use specific parameters for pricing (such as pricing homes by increments of $25,000), taking a look at the websites where you might list your home, and then pricing your home accordingly can mean that your home shows up in more search results.
04. Make Smart Upgrades for Selling Your Home
Updated homes can bring in more at sale time, but not all upgrades are equal. For example, homes with upgraded kitchens can be valued higher than comparable homes with kitchens that haven’t been updated in a decade. But that doesn’t mean you have to go through a full kitchen remodel. You can work with your agent to make upgrades that will add value and put your home in a higher selling range, without setting you back with a huge financial investment.
05. Follow the Home Selling Seasons
There are some home selling seasons when demand is higher than others. Chances are that if you are selling your home in the spring, during peak real estate season, it could sell for more than during other times of the year. If you have the flexibility to sell your home when the market is hot, then you may want to wait until the spring to sell, to get the most for your home.
06. Consider Different Categories of Home Buyers
Not every home sale is about getting the most profit. Sometimes selling quickly is the best strategy, or selling a home for cash. Part of a house pricing strategy is also knowing your goals, and considering different buyers. Cash home buyers might bring you less at sale time, but can be a way to sell your home quickly. In some situations, pricing for a cash buyer can be to your advantage.
Conclusion:
Setting the price right when selling a home involves a lot of different factors. The best house pricing strategy will depend on the outcome you want to achieve and your timeline. Consulting with a real estate agent can help you better understand the options.
And last, before you leave, if you want to read more similar articles, then refer following articles:
Choose the Best Real Estate Agent/Realtor with the Help of These Top 12 Traits
How to Sell Your House During a Chaotic Pandemic?
