One of the most difficult tasks that a home seller has to deal with is the pricing of their home.
While it is so easy to just add a little mark up to the value that you originally paid for your home, the housing climate has changed and such action is not appropriate.
There are several factors to consider when pricing your home. Ultimately, the value of your house will be determined by a licensed appraiser. Here are some resourceful tips that can help you evaluate the price of your home.
Look At Your Property Like Any Other Type Of Property – First of all, you have to understand the fact that buyers will usually want to move in right away. They don’t care about the amount you paid for, or how much time you spent mowing your lawn. They don’t care about how many wonderful memories you and your family shared in your home or just how much cash you have spared to get it in the first place. What they care about is whether the house is worthy of being their home. Buyers tend to consider improvements you’ve made to the home, flooring, and information that has inflated the value of your property. That way, they can incorporate similar projects to get a favorable return, when they decide to sell.
Get Yourself At Least Two CMAs – It is always advisable to get a CMA, which stands for Comparative Market Analysis. You can get this from your realtors. Now, to get the right amount, it is best to invite at least three different realtors to visit your home and give you their expert insight regarding the value of your home. While you cannot solely rely on the CMAs, it is a good thing to have it in order to get an idea about your competitor’s price. Some realtors might give lesser value for your home just to intensify a bidding war, while others may give you a higher quote to try to invite buyers with more income.
Conduct Market Research – It is also recommended that you spend time attending open houses within your neighborhood. You should compare their asking price to yours, based on the amenities, location, size, etc. If the asking price is the same as yours, do you think the amenities of that home are comparable to what you offer? If not then consider increasing the price slightly.
Compute The Price Per Square Foot – It is important to compute the value of your property per square foot. You can base the value per square foot on your neighborhoods overall market value, but this shouldn’t be the sole foundation of your calculation. However, it could be your starting point. Note that there are a lot of different methodologies that you can use to get the square footage.
Check The Market Condition – This is one of the most important things to do. Determine whether the value of the homes in your neighborhood are appreciating or depreciating. Are these homes selling quickly or not? Does the real estate in your area seem more promising during the winter season, spring, autumn or fall? Is the national economy showing promising signs of recovery? Are you going to be selling in a seller’s market or in a buyer’s market? Does local employment market competitive or are they suffering from staff layoffs? These are all factors you will need to consider.
Make the Terms Of Your Offer Enticing To Buyers – If all you want is to sell your property quickly, then it is best to offer a seller-financing option. This allows buyers to stretch their finances and move in immediately. A lease-option is more creative and is a more flexible option.
For more information on how to sell your home quickly, go to www.springscleverseller.com or contact Juanita Simkins, Professional Realtor & Expert Negotiator (719) 229-5770