Selling a house can be a challenging process. Unfortunately, the current market favors buyers. A general rule of thumb in this type of market is to price your home at 2% less than your area’s most recent comparable sale. One of the worst mistakes that you can make is overestimating your home’s value.
Attend Open Houses
You can properly assess your home’s value by attending open houses. Search out homes that are similar to yours and located in nearby neighborhoods. You’ll be able to see what’s on the market and for what price.
This gives you a point of comparison when deciding your home’s proper sales listing price. You should always set your price slightly below the listing price of similar homes in nearby neighborhoods.
Get An Estimate
You should also determine the fair market value estimate. This estimate is determined by real estate agents. Call one up and ask him to visit your domicile to assess it for a fair market value estimate. This analysis and estimation is a common practice so don’t feel uncomfortable when requesting the service.
A listing agent has industry experience that allows him to give you advice on what sort of price range you should list your home at in order to execute a timely sale. The agent will determine the value of your home by comparing its size, amenities, upgrades, number of rooms and location to that of other homes.
The agent will try to convince you to use him as the listing agent. You are not required to give him your business. Contact a brokerage firm or ask people in your social network for a listing agent recommendation.
Overvaluing Home Customizations
Another tip is not to overestimate the value of your home’s amenities. This is a common mistake made by sellers. They often value their home’s features more than potential buyers. Remember, your home’s bells and whistles will almost always hold more value for you because you are the one who picked them out and paid for them.
This increases the sentimental value of the amenities. Unfortunately, a potential buyer will more than likely not value the home’s extras as much as you do because he doesn’t hold the same sentimental bonds with the special features. If you overprice your home based on its unique features then you are significantly shrinking the potential buyers’ market.
DIY: Do It Yourself
You can’t always trust an agent to invest the proper time and effort to give you an accurate pricing point. It is prudent to check home sales prices in your local newspaper on a regular basis. Ask any new residents in your area what they paid for their homes and stay in touch with anyone in the neighborhood who is selling or has recently sold their home.
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