Did you know that pricing a home incorrectly is one of the most common mistakes homeowners make when listing their houses for sale?
If you are considering selling your house, pricing is one of the most essential things to consider. When you want to sell your house for the best price possible, you need to come up with a good selling plan.
And knowing how to price a house is the first step to a successful sale. So should you try to capture buyers by pricing your house lower than similar homes in your area? Or should you price it higher to get maximum profits from the sale?
To answer these questions, read the below tips to help you price your home accordingly.
Control Your Emotional Reactions
Your home is one of the most essential assets you have. In addition to the financial investment, it also holds huge sentimental value for you. Thanks to this emotional connection, making a strategic business decision about your home is challenging.
The emotions and precious memories you have of your house make it challenging to look at it realistically. For this reason, most homeowners often overprice their homes. Keep in mind that potential buyers will not see your home through the same lens as you.
Before determining your home’s value, ensure you check the houses around your neighborhood and how much they cost. You should also ask an expert for advice and keep your mind as objective and open as possible. This way, you will likely price your home correctly and attract the right buyers.
Get Your Home in Top Condition
The sale price of your home will largely depend on its curb appeal and functionality. How functional is your home? Is there any broken equipment or damaged areas of the house that require extensive repair?
If your home is old and worn out, your floorboards could start coming out, the windows could be broken, and the insulation on the walls could fall apart. Selling a house that’s falling apart will likely get you a lower price on the market. That’s because no buyer wants to buy a home and then start fixing it.
Everyone (except home flippers) wants to purchase a ready property they can move their families into without spending extra money on repairs and tune-ups. When selling a home, ensure it’s at its best. This will help you price it accordingly and get the most out of selling it.
Before listing your home, ensure you do the following:
- Make any required repairs beforehand
- Upgrade light fixtures, carpet, and the wall paints
- Clean the house and leave it sparkling
- Address any issues that potential buyers might have to your house
Taking your time to check your home and addressing these issues will make the selling process easier. It will also draw in buyers and make sure you get the best deal on your home.
Visiting Other Listings in Your Area
Constantly tour other competing listings in your area to see what they are doing differently. This allows you to become acquainted with your competitors. Go to open houses and check out any new homes listed for sale within the area that are within your price bracket.
Experts advise doing this a few weeks before listing your home for sale. During the tours, ask as many questions as possible and check how they renovated and staged their homes.
This is also an excellent opportunity to do some comparative housing market analysis and understand how the real estate market in your area works. In most cases, your real estate agent will also do comprehensive research and give you a presentation on the comparable homes in your area.
Talk to Your Real Estate Agent
Working with an experienced and reputable real estate agent is a great way to ensure success. But if you notice that the agent is pushing to lower your home’s value, you have the right to talk to them to understand why.
Some inexperienced and dishonest agents often try to set the sale price of a house lower so that they can quickly sell it, get their commission, and move on. A reputable agent will be patient, balance their needs and yours, and then create a strategy that works best for you, depending on the current market state.
For this reason, it’s best to find an agent with integrity who you can trust. Ask friends and family members for recommendations and interview a few agents to find a trustworthy and reliable real estate agent.
Get an Appraiser
While it’s great to rely on your agent’s market analysis, you can get additional benefits by getting an appraiser to check on your property. An appraiser will offer you more precision when determining the market value of your house.
Ensure you search for a certified appraiser to avoid hiring the wrong one. Fortunately, there are numerous websites that will help you find a certified and knowledgeable appraiser near you. Make sure that you hire an appraiser who has enough experience in your market and in your area.
Invite Your Family and Friends for an Open House
Before listing your house for sale, take the following steps:
- Invite your family members, friends, and loved ones to an open house
- Give them a tour of the entire house and treat them as potential buyers
- Ask them about their opinions of the house and what you could do to improve it
You should also ask them for advice on how to price your home. This will open your eyes to what could be wrong with your home and how to correct it. It’s also a great way to see your home through the eyes of other people and get your emotions out of the way.
Now You Know How to Price a House
If you are a homeowner looking to sell your home, knowing how to price a house is the first step to getting the right offer on the sale. While emotions could get in the way of your sale, it’s essential to remain objective throughout the process.
If you’re looking for an easy way to sell your home, give us a call today, and we will get back to you immediately. We buy houses in cash. Contact us today if you are looking for a streamlined home-selling process with minimal paperwork.
