Pricing Your Home
Is My Home Priced to Sell?
Pricing your home right translates to a successful, quicker sale.
Arriving at the optimal price is the result both of objective research into comparable properties and the current market conditions. The price should attract buyers, allow you to earn the most money possible, and help you sell as quickly as possible.
The simple fact is, PRICE is the #1 factor that most homebuyers use to determine which homes they want to view! And it’s important to remember that, although the price is set by you, the value of the home is determined by the buyer.
Factors Affecting Your Asking Price:
- How quickly you need to sell
- The amount of competition in your price range and area
- The availability, flexibility and affordability of financing
- The sale prices of similar homes that have sold in your local area during the past 3-6 months
- Major improvement made to your property
- Location, location, location
Factors That Should NOT Affect Your Asking Price:
- The original cost of your home
- The cost to build your home today
- Emotional attachment
- The opinions of friend and neighbors
Problems That Can Arise from Overpricing Your Home:
- You might help sell similar homes that are priced lower
- Your home may stay on the market longer
- You could lose market interest and qualified buyers
- You might create a negative impression of your property
- You could lose money as a result of making extra mortgage payments, while incurring taxes, insurance and unplanned maintenance costs.
- You might eventually accept less money for your home
It is always best start off on the right foot, price your home correctly and receive the best offer possible!