When pricing your home, don’t get caught up in the emotion of setting a sales price that is in the clouds. By that I mean, the financial windfall of what-ifs can lead you to pricing your home way out of line with ‘Market Value’
~Market value is very real, and a pie in the sky idea of getting more than that could lead you to holding the bag on a stale listing that has chased away potential buyers.
~Your opinion of what YOU think your home is worth, has absolutely NOTHING to do with the market value or the price a buyer is willing to pay. The listing price of your home is a carefully calculated number that involves both art & science.
First a comparison of similar properties in your neighborhood, which have sold or are pending is completed. This process will involve knowing the community and looking at homes to compare, very important to engage a REALTOR® who is local and knows the area. (Aunt Betsy 2 states away is NOT your best choice, but please include her in your employment of that local agent as she can earn a referral fee)
Adjustments are then made for amenities, improvements, lot size & location and any other differences that could alter price. Then keeping a finger on and tracking the movement and the inventory of the market will help to formulate an educated opinion of value, and a competitive listing price.
~Caution…An unrealistic Emotional attachment to a price could cost you…..!!~
Let your professional REALTOR® guide you in this process. The worry is not in pricing your home too low, as this could lead to many showings and several offers, which in turn could elevate the final sales price. But listing too high, can be suicide!!
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