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Pricing your home to sell

Created date

September 24th, 2014
scales graphic holding house and money
scales graphic holding house and money

Even though the housing market is booming in many areas throughout the country, you could miss out on the opportunity to sell your house if it’s not priced correctly. Too many people believe their homes are valued higher than they actually are. Establishing the correct sales price from the beginning will help ensure a successful and timely sale.  

The first two weeks your house is listed are crucial because that’s when the majority of showings will occur. When the price is too high, potential buyers and real estate agents may ignore the listing. If your house continues to sit and you drop the price, buyers will notice the length of time your home has been on the market and feel there is room for negotiation.

Realistic sales price

To help determine a realistic sales price, it’s important to look at your house in terms of price per square foot, features, current condition, and location. You may want to enlist the help of a real estate agent who is an expert in your neighborhood. He or she will be able to provide you with a comparative market analysis of what other homes in your area have sold for and what the median price is. 

It’s also important to do your own research on the current market conditions. Go to open houses in your neighborhood to see how your house compares with regard to location, size, and amenities. Determine whether you are selling in a buyer’s market or a seller’s market. Also consider the time of year, the state of the economy, and the local job market. All of these factors will help you determine the correct sales price. 

We all know it’s easy to form an emotional attachment to our homes. But sometimes emotion can get in the way of setting a realistic sales price. Try to set your emotions aside and remember that it’s strictly a business deal.  

Pricing your house effectively is a primary factor in determining how quickly it will sell. Take the time to do your research and rely on the knowledge of your real estate agent to set the correct price from day one. Before you know it, you’ll have a “Sold” sign sitting in your front yard!