Pricing Your Home to Sell
Most of the showings will take place in the first 30 days of your home being listed. Potential buyers are on the sidelines waiting for new inventory which is why it is paramount to price your home correctly from the start.
To find out what your home is worth, a licensed Realtor will provide you with a Comparative Market Analysis (CMA) which shows the prices of comparable recently sold homes, homes currently on the market homes, and homes that were on the market, but weren't sold.
Here are 5 other time-tested strategies to help understand how much your home is worth:
1. Abandon your personal point of view.
Buyers care more about how they see using the home than about how much you paid for it or how many memorable moments your family shared there. It's a shame, but true.
2. Do your market research.
You may talk to your neighbors to learn more about homes selling in your neighborhood. When you compare yours, consider location, size, amenities, and condition. BUT you should ALWAYS talk to a PRO!
|3. Consider RECENT upgrades.
Upgrades are an important consideration, but only if they're recent. Major improvements can also benefit you, especially if they're in the bathroom and kitchen, but be realistic about the present condition of the improvements. A 10-year old kitchen is NOT a new kitchen. Make a list of all improvements you’ve undertaken since buying your home and include, as an example:
- New roof, windows (especially energy efficient ones)
- New carpets and/or hardwood floors
- Major kitchen and bathroom improvements
- New furnace/hot water heater
- New paint and/or wallpaper
- Alterations / Additions
4. Consider market conditions.
Are homes in your area selling quickly or languishing? Will your home be on the market in the strong home-buying season? Are interest rates attractive? Is the economy strong? Is it a buyer's market or a seller's market? Is the local job market healthy or are employees facing layoffs?
5. Sweeten the deal.
If you're willing to close within 60 to 90 days, you'll attract buyers who want to move in right away. You may also be able to contribute to your buyers’ closing to help facilitate a deal.