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8 things you need to know before you price your home

price-tagDetermining a price tag for your home is no simple task. Experienced realtors agree that pricing your home appropriately from the start is key to getting it sold within a reasonable time frame and at the best price. If you are selling your home or even just thinking about selling your home, here are some things you should consider before determining a price and putting your house on the market.

Be careful about:

Using what you paid for the home as a starting place. While this may be an accurate price, many things can change over the course of a few years (or a few decades, if that is how long you have owned your home), so be careful of using this number as a starting place without good reason. While it may truly reflect what your home is worth, often factors such as home improvements, changes in the market and changes in the neighborhood can make a big difference on the original price of a home.

home improvement photoFactoring all home improvement costs into the price. Perhaps you have had more than your fair share of unexpected expenses in the past few years–a leaky roof, a broken water heater, a tree that has to be removed. Such factors can mean considerable costs for a homeowner. However, you can’t always take these costs into consideration when deciding a price tag for you home. Your home should sell for what it is actually worth, which may or may not be everything you have had to pour into it over the years.

Assuming that starting high will leave room for negotiating. Pricing your home too high can mean it may stay on the market too long. The longer a home stays on the market, the more likely buyers are to assume it has a problem and that is the reason it is not selling. This assumption can cause your home to stay on the market even longer.

Selecting a realtor based on their suggested listing price. The realtor with the highest listing price may not be the one who will get your home sold at the best price. Pricing a home is an art and a strategy. Be sure to check with your realtor on how they arrived at this number so you can clearly see the information that backs up this price. Doing so will help you decide on the realtor that will help you get your home sold at the price you want.

Instead, consider these factors when choosing a listing price:

contract photoIf the price is fair, then you will likely get an offer within the first few weeks. Consider finding the closest true value to your home and pricing it at that cost. An experienced realtor can help determine this price by providing knowledge of the local market, comparable homes and the surrounding neighborhood.

If you do have to make price adjustments, do so early on. The longer a house lingers on the market, the less likely you are to get the offer you want in the time frame you desire. If your house is underpriced or moderately priced, you are more likely to get offers that you can then counter or sell to the best offer.

What are homes like yours selling for currently in your area?  You can even tour them with your realtor to see how they compare with your own home, then determine a price as a team. If you do not have time to do this, your realtor should be knowledgeable of comparable homes on the market.

plan photoHave a plan in place with your realtor. It is the buyer’s and realtor’s goal to sell a home quickly and at a desirable price. But what if this takes longer than you thought it would? How far are you willing to drop the price? How long are you willing to wait for your home to sell? All of this should be clearly spelled out early on so you and your realtor have the same expectations as the process of selling your home unfolds.

A knowledgeable realtor is a great asset when it comes to choosing the right price for your home. Are home prices rising or falling? Is it a buyer’s or seller’s market? What are homes like yours selling for in your area? These are the questions McInturf Realty’s staff are prepared to answer to help you get the best possible price with the least frustration.

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