Selling your home is a difficult decision but when you decide to sell, you should take off your homeowner's hat and look at it from an investment angle. How do you know if you're getting a fair deal on the home you're prepared to place an offer on? Read below to find out how to evaluate the price of your home so you can make a sound decision.
1. Check out recently sold properties. Do not just check any property. Look for a property that is comparable to yours. Comparable means you search for one that is similar in size, condition, neighborhood and amenities. You can gain valuable information by looking at how the property you're interested in selling compares in price to different properties.Your real estate agent is the best source of accurate, up-to-date information on comparable properties.
2. Visit comparable properties on the market. By visiting other homes you get a true sense of how their size, condition and amenities compare to the property you're considering selling. Armed with this information you can then compare prices and see what seems fair. You have to price your home similarly to those properties which are comparable to yours if you want to be competitive in the market.
3. Look at houses that didn't sell. What made them stay on the market so long? Were they overpriced? Check out the unsold inventory index for information about current supply and demand in the housing market. This index attempts to measure how long it will take for all the homes currently on the market to be sold given the rate at which homes are currently selling.
4. Ask your real estate agent. Your real estate agent has the most extensive and updated knowledge when it comes to the real estate market. Ask your agent what he or she thinks is a fair price for your home. Your real estate agent is likely to have a good sense of whether the property is priced appropriately or not and what a fair offering price might be.
5. Does it feel fair to you? Do not look at the property as something personal. Detach yourself from it and look at it again as an investment. What do you think should be your house' worth? Does the price feels right to you? When selling your home, you have to understand how to price in order to sell.
Understanding the real estate market is critical to getting your home sold. Your goal should be to price competitively so you will sell within a reasonable time. Don't forget that there are other sellers out there who are competing for the same buyers.
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