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The most important factor that
needs to be taken into consideration while selling a home
is probably the price tag that you set for your home. You
need to set a price that reflects the real value of the home.
You might consider overpricing the home, but this is unlikely
to attract top dollars, as the home is most likely to lose
its appeal after the first two to three weeks of showings.
On the other hand, under-pricing might not pose a major problem,
as homes priced below market value often receive multiple
offers, which then drive up the prices. You need to understand
that pricing is all about demand and supply.
For determining the existing
market value of your home, you need to look at prices of other
similar homes in the neighborhood that have been listed over
the past six months. Prices of only those homes are to be
considered that are within half a mile of your home and no
further, unless you live in an area that has very few homes.
You need to understand that although homes located in your
neighborhood may be similar, their prices may vary depending
on their exact location across major streets, freeways or
railroads. Make sure that comparison is done with homes having
similar square footage. Only those homes need to be considered
that were constructed more or less at the same time when your
home was build.
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For more information, you can
look at past listings and compare the original list price
with the final sales price in order to get an idea about average
price reductions. Add the value of extra amenities or upgrades
that your house offers to the average price for determining
the gross market value of your home. While going through past
listings, try to ascertain the reasons as to why some homes
did not sell; whether it was due to the discount brokerage
firm, the dilapidated condition of the house, the location
or any other reason. Compare listing date with the date when
a particular home was actually sold for determining the average
number of days it takes to sell a home.
You can tour some of the homes
in your neighborhood that are currently listed and note down
the things you like or dislike about them. Things that you
like about these homes can be recreated in your own house
for attracting the right kind of buyers who will be willing
to pay top dollars. Always remember that other homes that
are currently listed are competing with your home and you
need to adjust your price accordingly.
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After collecting and analyzing
home listing data, you need to adjust the gross value of your
house according to existing real estate market scenario.
For example,
in a buyers’ market, if the gross value of your home
is around 150,000 dollars based on prices of other similar
homes in the neighborhood, you can quote your price somewhere
around 145,000 dollars. On the other hand, in a sellers
market, the same home can be priced anywhere between 150,000
to 165,000 dollars. In a balanced market, you can set your
price somewhere around the price of the last comparable
sale after making adjustments for current market trends.
For example,
if the last comparable sale happened two months ago and
prices have edged upwards at the rate of one percent per
month since then, quoting a price of $153,000 would make
sense.
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USA Your Real Estate Investment Experts.
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