Pricing My Home
Price is the main factor that the majority of home buyers use when deciding which homes to consider. When determining your asking price, there are several things that you should consider:
1. How urgent is it for me to sell my home quickly?
2. Is my home in a location where there are only a few homes for sale in that area that are similar to mine, hence making it stand out to potential buyers?
Does the location of the home have qualities that would attract buyers? You also need to consider any qualities of the location that could be considered unappealing (busy highway, etc.), as you consider your asking price.
3. What is the condition of my home?
4. No matter what you paid for your home, the sale of your home now will be determined by today's market.
Though you want to sell your home for the best possible price, and make a profit, you will want to be careful to avoid overpricing your home. An important way to do that is to have a professional Realtor prepare a Comparative Market Analysis of homes similar to yours for you. This factual report will show you homes that are currently listed, and homes that have recently sold, in your area. Looking at this data and talking with your Realtor will help you set the best possible price for you to have the outcome you want, yet realistically reflecting today's market, to get your home sold as quickly as possible.
5. If your home is priced above what the Comparative Market Analysis reveals, it may be getting off to a negative start, as statistics show that 80% of potential buyers will view your home during the first four to six weeks of the listing period.
After that, the percentage begins to go down, and if the home sits on the market long enough, it can become "stale" and not as interesting to buyers. They may even begin to feel there is something wrong with the home. Also, an overpriced home, because it doesn't generate many showings, will begin to create a frustrating situation for you, as the Seller, and even for your Realtor, who likely is working very hard to help you sell it. Add to that the fact that you may be paying mortgage payments on the home during this time, plus taxes and maintenance costs. Your Realtor can help you determine the appropriate asking price, not too high and not too low, to result in the shortest possible listing period and the maximum profit for you.