How Can I Price My Home to Sell?
When it comes to selling your home, one of the single most important factors is your listing price. The listing price can make or break the sale of your home. While you may assume you can just look at how much you paid for your home and then mark it up a little, there's a lot more to this numbers game. SOKOLICH REAL ESTATE can make sure the price is right. Here are few ways you can come up with the most accurate listing price for your home:
Look at Comparables in Your Area. Before listing your property, SOKOLICH REAL ESTATE will provide you with a Comparative Market Analysis (CMA). A CMA is a report that shows the prices of comparable recently sold properties in your area. Evaluating these numbers will help you determine a realistic listing price for your home. SOKOLICH REAL ESTATE will also provide you with frequent updates of home sales in your neighborhood to help guage the accuracy of your listing pric
Don't Overinflate the Price. Whatever you do, don’t start off with a sky-high price just to see what happens. Far too many homeowners make the mistake of starting off with an inflated listing price, assuming they can adjust the price later. This tactic almost always backfires. Generally, homes get the most attention from agents and potential buyers for the first 30 days after they are put on the market. That means you have a 30-day window of opportunity to catch their eye. Don’t waste those four golden weeks testing the waters with an overblown price tag. It’s best to get the price right the first time around.
Go to Open Houses in the Area. Check out open houses in your area and find out how those homes measure up against yours. Pay attention to homes that closely resemble yours in size, age, amenities and condition. Find out their listing price, and this may give you a good idea of how much you should ask.
Know the Warning Signs. If your house has been sitting on the market for a couple of months with little interest, it may be time to cut your asking price. Some experts say if you've had 10 showings without an offer, your home is probably overpriced. However, don't lower your price in small increments. If you're going to bring down the asking price, you need to lower it by at least $5,000 to catch the attention of prospective home buyers.
Of course, it’s much more effective to get your asking price right the first time around. If your home has been on the market for many months and you keep lowering your price, buyers may assume there’s something wrong with your house.