If you’re like most people, you want to get the best price for your home when selling. But how do you know what’s the right price? There are many factors to consider, and it’s important to price your home correctly from the start. Here are some tips to get you started on the right path.
Make Sure Your Home is in Good Repair
Before you even think about putting your home on the market, it’s important to make sure everything is in good working order. All the systems in your home – from the plumbing to the electrical to the HVAC – should be checked and repaired as needed. Any cosmetic issues, such as chipped paint or cracked tiles, should also be addressed.
Any problems with the integrity of the home will be discovered during the home inspection, so it’s best to take care of them before putting your home on the market. Not only will this make the inspection process go more smoothly, but it will also give buyers more confidence in the purchase.
Online Home Valuation Calculators
It’s tempting to reach out and grab a quick and free home valuation online, but they’re not the best go-to source for pricing your house for sale. In most cases, these automated home valuation tools use public data to provide you with a very broad idea of what your home is worth. They don’t take into consideration the condition of the house or if the neighborhood has appreciated or depreciated.
Stage Your Home for Perceived Value
Once your home is in good repair, it’s time to start thinking about staging. Staging is the process of making your home look its best for potential buyers. This includes things like decluttering, rearranging furniture, and adding some strategic pops of color.
The goal of staging is to make your home look spacious, clean, and inviting. This will help potential buyers see the home’s potential and imagine themselves living there. Here are some home staging tips:
- Start by decluttering each room. This means getting rid of excess furniture, knick-knacks, and anything else that makes the space feel cluttered.
- Rearrange the remaining furniture to create a more open floor plan.
- Depersonalize the space by removing family photos and other personal items.
- Add some color with fresh flowers or new towels in the bathrooms.
- Put out a few strategically placed scented candles.
- Make sure the kitchen is spotless and put away any small appliances that you don’t use on a regular basis.
Your real estate agent is an expert in staging. Ask them to tour your home with you to give you additional tips.
Your Agent and a CMA
Once you’ve repaired and staged your home, it’s time to start thinking about the price. Your real estate agent will be a valuable resource in this process. They will do a comparative market analysis (CMA) to help you determine the right price for your home.
A CMA is an in-depth analysis of recent sales of similar homes in your area. This will give you a good idea of what buyers are willing to pay for a home like yours. It’s important to remember that the CMA is just a starting point – you and your agent will also need to take into account things like the current state of the housing market, recent trends, and your own personal circumstances.
Real Estate Market Trends
It’s also important to stay up to date on current real estate market trends. This will help you understand where the market is headed and how that might impact your home’s value.
A buyers’ market is when there are more homes for sale than there are buyers. This means that buyers have the upper hand and can be choosier about which homes they’re willing to purchase. In a buyers’ market, it’s important to be realistic about your home’s value and be prepared to negotiate.
A sellers’ market is when there are more buyers than there are homes for sale. This means that sellers have the upper hand and can be more choosey about which offers they’re willing to accept. In a sellers’ market, you may be able to get away with pricing your home slightly higher than what the CMA suggests.
Tour Open Houses
Another way to get a feel for the current market is to tour some open houses in your area. This will give you a chance to see what other homes are listed for and how they compare to yours. If you find that most of the homes are priced higher than what you’re considering, it may be a sign that you should adjust your price accordingly.
Get an Appraisal
If you’re still not sure what price to list your home at, you may want to consider getting an appraisal. This is an unbiased estimate of your home’s value from a qualified professional. An appraisal can give you peace of mind that you’re pricing your home accurately.
The most important thing to remember when pricing your home is to be realistic. It’s easy to get emotionally attached to your home and think it’s worth more than it really is. But if you want to sell it quickly, you need to price it based on what buyers are actually willing to pay.
Pricing your home correctly is crucial to getting it sold quickly. Take the time to repair and stage your home, review a CMA with your agent, stay up to date on market trends, and consider getting an appraisal. With a little bit of effort, you’ll be able to find the perfect price for your home to have a successful and expedited sale.