How to Set the Right Price for Your Home for Sale
The right price affects your bottom line
When you are selling your home, the price you set is a critical factor in the return you will receive. That is why you need a professional evaluation from an experienced Real Estate Professional. This person can provide you with an honest assessment of your home based on several factors including:
- Market conditions
- Condition of your home
- Repairs or improvements
- Time frame
In real estate terms, market value is the price at which a particular house, in its current condition, will sell for within 30 to 90 days.
If the price of your home is too high several things could happen:
- Limits buyers. Potential buyers may not view your home only because it would be out of their buying range.
- Limits showings. Other salespeople may be less reluctant to view your home.
- Used as leverage. Other Real Estate Professionals may use this home to sell against homes that are better priced.
- Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, "what is wrong," or "why has not this sold?"
- Lower price. An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you will probably get less than if it had been properly priced at the start.
- Wasted time and energy. A bank appraisal is most often required to finance a home.
Real Estate Professionals have known for years that well-kept homes, properly priced in the beginning, always get you the fast sale for the best price and that is why you need a professional to assist you in the sale of your home.