How do I Price my Home Right to Sell without giving it away?
Pricing a home to sell is part science and part intuition. There are many ways to acquire that magic number than can result in a sale. Homeowners should take great care in considering the right price. Take a personal inventory of your largest investment, your home.
- What are your assets and liabilities?
One consideration is the mortgage loan amount. Also consider the factors of the purchase price and other costs that may be involved to sell. There could be realtor fees, closing costs and repairs before putting the home on the market.
- What is your time table?
Next step is to consider your time line in the sale. Are you on a quick time table due to job, medical issues or financial hardship? Can you take your time and sell because of upsizing or downsizing?
- What are the market conditions?
In a declining market, it is not always a wise decision to sell your home. Renting or leasing are other options if a homeowner is transferred. Consider all your options before deciding on a sale.
Now that you have decided to sale your home, what is the right price? What can you do to make sure you are not giving away your profit?
- Your real estate agent can provide you all the necessary information for market comparisons. There is almost always a discrepancy between a homeowner’s perception of the property and what the market dictates. That pool may have cost a homeowner a six digit figure. There is no guarantee that any upgrade will result in a 100% return on investment. In reality a home is worth what a current buyer will pay for it. Check market comparisons for a realistic price.
- If you sale your home at the market value, it is not a giveaway. If you overprice your home, you may be giving away part of your price in a declining market. Your home’s value decreases daily and the longer your home does not sell, the value decreases.
- If your home is not move- in ready, you may be giving away part of your profit. Homes need curb appeal and a nice presentation on the inside as well as the outside to sell. Those small repairs and details can make all the difference in selling your property for a maximum profit.
- You also may be giving away some of your price if you skimp on marketing. Present the best possible home condition and picture presentation that is possible. Don’t forget the words that present all of the selling features of your home. The internet is a huge marketing tool and usually the first place a new buyer checks for homes.
Remember for maximum profit, the right price, property condition and marketing tools are essential.