While it's still a Sellers Market,
you have to be smart when pricing your home. You need to think price with your head and
not your heart. While you love your home, many buyers are coming in with facts and figures. Here are some tips if you are thinking about selling your home.
1. Price it right...right away!
Some homeowners think it's best to overprice their home, so see if they are able to get asking price or better. If you start too high, you run the risk of losing valuable time on the market. What can be worse, is if you start lowering the price, buyers may think there is something wrong with the home.
2. Renovations do not equal dollar-for-dollar returns
Do not fall into the renovation trap. Meaning, spending an additional $5,000 on new hardwood floors does not mean you can expect an additional $5,000 on the asking price. Some renovations are worth the effort. Just be smart on what you do, and how much value it really adds to your home.
3. Realtors Use Comps
Working with a professional Realtor is the best ways to determine price. Realtors arm themselves with Comparable Sales or Comps, to help you come up with the listing price. Relators find very similar style homes with the same square footage, floor plans and amenities. The Comps are recent and are homes that have sold within the last few months. After all of the data is pulled, they will provide you with an educated estimate of what you can expect to receive for your home.
4. Adjust and Act Fast If Needed
Once your home is listed, pay close attention to the first few weeks. If you home does not receive any showings, it's likely priced to high. If you receive several showings, but no offers, your home is being well marketed, but buyers are not loving it once they get inside. If the price needs to come down, do it sooner than later.
When pricing your home, focus on the facts and available date. If you need any assistance selling or buying a home, give us a call at (414) 861-0387.