Selling your home is a big decision and knowing how to price your home to sell is a big part of that. You want the process to be as easy as possible, with the least amount of stress. The best way to do that is to price your home right!
Pricing your home too high can deter potential buyers because they feel they can’t afford it. If they do an online search in a certain price range, they also may never even see your home. Pricing your home too low will cost you money because you will get a lower selling price, and potential buyers might wonder what is wrong with your home that you are pricing it so low. Pricing it right can save you time and money.
When you are ready to sell your home, sit down with your listing agent and talk about your home’s market value. The market value is based on other homes in the area, which are called comparables. Your agent will compare everything from yard size to home size. Your agent will also review the home’s amenities, location, and any updates the seller may have done. Once all of that is gone over, you and your agent can decide on an appropriate market value.
Once your market value is decided on, it is time to find your pricing range. This will be the high and low end of your home’s possible selling price. It will probably be around 20K lower and 20K higher than the market value.
Once you have that range, you can decide on your asking price. Pricing it on the lower end of that spectrum may bring in quick, and multiple offers. If it is priced right, it might even turn into a bidding war where you end up with an offer at the higher end of your spectrum. If you price it towards the higher end, you might want to work out a contingency plan with your agent in case it doesn’t sell quickly.
Pricing is the most important part of selling your home.