Hans Brings Offers Advice on Proper Home Pricing

Pricing your home properly for the spring market one of the major factors that will help you sell your home quickly and successfully! Read more on how to list your property.
 
April 26, 2013 - PRLog -- The spring real estate market is heating up, which means more competition from other homes – but also more competition among buyers, which is the good news. If you're selling your home this spring, you may even have the good fortune of finding yourself in receipt of multiple offers in a short amount of time. But to get to that point, you must make certain that your house is priced right to make a sale.

It is intuitive that pricing your home too high can mean that you won't get many (or any) offers and it will end up sitting on the market for a long time. But pricing your home "right" also means that when the house is appraised during sale, it will not appraise for substantially less than the buyer has agreed to pay. Your buyer's mortgage lender is going to expect to extend financing that reflects the market value of the house, and you don't want to endanger your chances of the buyer's financing (and the sale) falling through.

To avoid overpricing your home, you'll want to make sure that you know what it is worth. While it might be tempting to go with your gut, it's not the best idea to do so.  If you don't have a lot of experience in real estate transactions, your opinion of your home's worth might differ greatly from what the market would dictate. The most reliable way to determine your home's current value, short of going through the appraisal process, is to look at comparable sales, or "comps."

Comps are similar sales in your neighborhood or the area in about a quarter- to half-mile radius of your home. They should be similar in square footage, age, features, and upgrades. It is helpful to look at current listings and how they are priced, but it is also informative to look at comps that have recently sold to find out how much they ultimately sold for as well as how many days they were on the market.  It is also helpful to see if any had price reductions while on the market, and those that just did not sell at all.  Your real estate agent can help you find out this information via the MLS (multiple listings service) database.

Once you've examined some of the comps in your area, your real estate agent can guide you in making an informed decision about how to price your own home for sale. Taking into account market conditions and features that might make your home unique (and therefore desirable), he or she can help you set a price that won't drive away prospective buyers who feel it is too expensive for the area. Remember that an agent has the experience to have a "feel" for the current market and the expertise to determine which amenities will be attractive to buyers.  It's important to remember that the features you love about your home might not hold the same appeal for other people.

When selling your home, it's always tempting to try to go for a very high price, but by making a rational decision about how to price your home up front, you may save yourself a long wait, and a lot of stress in the long run.
End
Expose Yourself Public Relations News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share