You want the best possible price for your home, but at the same time, you want it to sell fast. You have a better chance of realizing both of these goals, if your listing price is your best price. So, how do you determine that magic number that’s not too high or too low? These tips will help.
1. Take Advantage of Smart Pricing Tools
You can find home pricing tools all over the Internet, and they are very easy to use. You simply enter your address and answer any questions asked to receive an estimate of your home’s worth. Some tools will even give you information on similar homes listed or recently sold in the area that you can use for a comparison. Using one of these tools is a great place to start, but you definitely don’t want to base your decision entirely on the price provided.
2. Schedule a Walk Through with a Real Estate Agent
Smart pricing tools look at facts and figures, but an experienced real estate agent will know how the mountain view out the master suite window or the old roof in desperate need of new shingles is going to affect the price and desirability. They can also recommend upgrades or renovations that you may want to consider doing to be more competitive in your market
3. Shoot for a Bidding War
A “bidding war” just sounds exciting, doesn’t it? That’s because it is, but it’s not always easy to achieve. If you live within walking distance to a coveted school in a top district or if you are one of the only homes with deeded parking in an urban area, buyers are naturally going to want to engage in a bidding war for your home. In this case, your agent may recommend listing a little low. They will request the “highest and best” price from all interested parties, and then you can make the final call on who to sell to.
Staging your home thoughtfully and making sure you mention all important details in your listing will help encourage a bidding war.
4. Don’t Take Things Personal
You’ve made some great memories in your home, so, of course you are emotionally attached to it. It’s important that you don’t let these feelings cloud your judgement. A lot of sellers make the mistake of setting a price out of emotional feelings. It’s natural to think your home is worth a lot more simply because you are attached to it. Recognize these feelings and set them aside. Otherwise, you will price way too high or you will end up really offended when a much lower offer comes in.
You know other buyers will love your home as much as you do. Now, you just have to get them in the door. Setting the price right from the start will help make this happen, allowing you to sell fast and move into your next home!