The Perfect Price for your Home
In the process of selling your home, one of the first steps you need to undertake is determining the price. Of course, most of us would like to profit when we sell our house, unless of course if you are that person who just wants to get rid of the house for one reason or another.
It may sound simple – it’s just numbers after all. Many think that all you need to do is name a price for your house, have someone agree to buy it but – and that’s all there is to it. In reality, there is a lot more to it. If you think that the price you are selling your house for is already a very good deal, keep in mind that you are the one selling it, not the one buying it. Therefore, your opinion is not necessarily going to affect the buyer’s decision.
How a home is priced depends on various factors such as the status of the market, location of the home, and the home’s condition – just to name a few. So how much is your house really worth and what is the best price you can sell it for?
Take a look at the tips below when considering how much you will sell your house for:
Buyer’s point of view.
In pricing your house you have to put yourself in the shoes of the buyer. Purchasing a home is often the largest purchase of an individual’s life, so you can understand buyers wanting to get as much value as they can from their investment. What are some of the things you would expect if you were buying your dream home? Remember, the buyer will not have sentimental value as a factor when they are assessing the price and the value of your home.
Selling your house is different process from selling another one of your possessions. One reason they are different is the scale of the transaction and the amount of money involved. You should find similar houses as yours and see how much they are being priced for. Apart from that, you will also need to check the size and type of houses being sold in your area because a 5 bedroom house in one area may sell at lower price compared to a 3 bedroom home in another.
Pricing ahead of the curve.
When you price your house, you have to make sure that the price will still be competitive 2 or 3 months down the line. It is a possibility that your house may not sell immediately because the market changes from time to time. Always make sure not to be behind the curve. For example if the market is declining, instead of pricing your house based on its current fair market value, consider how much its value will be after few months. That way, even after months have already passed, your house is still priced at the same rate it was when you decided to sell it. The reason why this is advised is because declining the price of the house is a sign of desperation and we don’t want buyers to think that we are desperate to sell our house. The inverse is not true, however. You never want to be perceived as overpricing your home to potential buyers.
These guidelines give you a great place to start when understanding how to value your home and price it appropriately. If you have more questions or you would just like to talk about your home – get in touch! We would love to have a discussion around how we can help you achieve your goals.