Setting the asking price correctly can help you with a swift and successful sale. The first few weeks a home is for sale on the market is the best chance for selling a home at a good price, in a reasonable amount of time,
Because of the low inventory in markets across the United States, home buyers are searching the MLS listings every day, waiting for the right home to go on the market. If your home is priced right from the beginning, you will be in the best position to attract home buyer attention and sell the house for a good price within a time frame you can live with. If your price is set too low, you might get a lot of attention and some lowball offers, but you stand a chance of losing out on thousands of dollars. If your price is set too low, less people will come to look and offers to pay your impractical price will be few and far between. You could reduce your price, but by that time you will have likely missed out on home buyers who might have been interested.
How Are Prices Set?
Determining what an initial asking price should be involves research on the real estate market and judgment that comes from experience. The basic steps include, but are not limited to:
- Assessing the homes against similar home in the neighborhood that have sold recently or are presently for sale.
- Defining what features of the house make the home special among others currently up for sale in the area.
- Deciding how much to invest in improvements that could increase the marketability of the home to earn the best sale price.
A good sale price will be close to the market value of the house, which is continuously shifting. Setting the right price from the beginning...