Tag Archives pricing your house

What to Consider When Pricing Your House

There are dozens of factors that go into the final selling price of a home, which could include things like your home’s location, the condition, the features of your home and the current market conditions.  If you are looking to sell your house quickly, here is what to consider when pricing your house.  These can help you sell your home in the shortest period of time for the best possible price.

An Analysis of Comps

The market is arguably the most important factor when figuring out how to price your home for a quick sale.  A comprehensive market analysis done by a realtor can show you the selling prices in your neighborhood of comparable homes or “comps”.  Bear in mind that listing and selling prices are two very different numbers, in a buyer’s market houses will sell below asking and the reverse in a seller’s market.  Find the average selling price of home as close to yours in features and within the same area.

Knowing the Local Market

Despite what is happening in the real estate market across the country, your local market is what’s important to your selling price.  Are you in a up and coming neighborhood or a neighborhood in decline.  What amenities are you close to, such as schools and shopping districts?  Your agent should understand the neighborhood and how to best price for that neighborhood.

Carrying Costs

Whether you live in your home or not you still are responsible for mortgage payments, utilities, taxes and insurance.  The longer your home sits on the market the more you will have to spend on carrying costs.  You may get an offer that’s slightly below the price you would like, bear in mind that if you turn down that offer you could be stuck with carrying costs until you get another offer.  In a slow market or a situation where you need to sell quickly you may be better off accepting a lower offer.

Marketing

Proper marketing can make a huge difference in the final price you get.  Getting the house in front of the widest array of buyers and doing things like staging your home to appeal to buyers can encourage more and higher offers.  The right marketing strategies is what sets realtors apart from people trying to sell their homes on their own.  A realtor understands what it takes to get the best possible price, it is far more than just putting a for sale sign on the property.