If you are thinking about selling your house in the near future make sure you give proper consideration for pricing it right. There are many approaches to deciding what the price should be. Generally, you start by looking at the homes that are comparable to yours that have sold within the previous six months. Many factors come into play when determining what houses should be considered comparable. If you live in a subdivision of like homes that are about the same age and quality it's easier to choose the appropriate houses. If you don't have homes within your immediate neighborhood that match your homes features you'll need to consider a larger radius search. Either way, some important considerations would be the location & setting of the home, square footage, age, size of lot, upgrades, updates and general appeal.
As the market has shifted somewhat from a seller's market towards buyer's market the importance of not over pricing your house is critical. One might think that they can stretch their price in hopes that they either get lucky or can lower the price. Although both of these options are possibilities it's not wise to price hoping that the market will catch up with you. Even worse in a flat or declining market you may never find your buyer who is more cautious than ever to not overpay for a house.
Sellers sometime think that they'll price high and let the buyer make a lower offer. The pitfall here is that they may never have been exposed to the buyer who may have a ceiling price in their search criteria that doesn't reach the price. More often than not buyers will tend to buy on the high side of their price range. Somehow that extra money spent seems to buy them more of the home they are looking for. You don't want their stretch price to not have your home on their radar screen.
Don't forget to consider the current competition. A good exercise is to act like you're a buyer and look at the existing inventory. How would your house match up to what you've seen? Try to be objective as most people are emotionally attached to their homes and may not be considering the flaws that others will see. This is when an experience professional can be of great help. Clearly it should be both parties objective to try to get as much money for the home as possible in the shortest amount time.
The best advice is you need to be educated on the Market because it changes daily.
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