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How to price and sell your house

Created date

April 27th, 2010

Your house is usually the largest asset you own, so when you are ready to sell, you want to make sure you get the best possible return on your investment. However, many people rely on their emotions when establishing a selling price. Follow the tips below to avoid this mistake and ensure you determine the true market value (what a buyer is willing to pay) for your house. 1. Shift your perspective. Try thinking of the house not as a home but as a product you are trying to sell. Keep in mind that just like any other product, yours has competition. 2. Do your own research. Go to open houses in your area, and look at the homes with buyers eyes. Try to be impartial and determine, if you were a buyer, whether you would buy your house or theirs at the price they are asking. 3. Interview several real estate agents. Get at least three agents input on how they would price and market your house. Ask for a comparative market analysis (CMA), which shows houses sold in your area in the last six months and houses currently on the market. Ask about listing prices versus selling prices, why the agent picked these houses to compare to yours, and whether any houses were left off the list and why. 4. Look at current market conditions. Are house prices in your area trending up or down over the last six months, or are they stable? What is the current inventory of unsold houses? What are the current days on market (how long it takes from listing to sold)? All these conditions will have an effect on what price you start with and how long it will take you to sell your house. 5. Be flexible and creative with transaction terms. The more flexible you can be with a potential buyer, the better the outcome. Hold off on offering things such as appliances and window treatments with the house. Use these items in the last part of the negotiations. Be prepared for the home inspection results, and be willing to make repairs if any issues are found. Following these guidelines and talking with your real estate agent will help you maximize the return on your investment. Erickson Realty & Moving Services can help you find the best real estate agent in your area, and the personal moving consultant at each Erickson campus will help you prepare your house for sale to get the best price.