If you are a homeowner who has finally decided to move on and sell your house, there are a few things you should know about pricing your home. It’s easy to get carried away thinking about how much time and money you spent over the years modifying your home to suit your needs.
Unfortunately, potential buyers don’t see your home the way you do, so what seems valuable to you might not appear valuable to them. For this reason, you have to price your property the right way, based on reliable factors. With that in mind, here are the rules to follow when setting the price of your home.
Rule #1: Not Too Low, Not Too High
Your asking price plays a huge role on how long your house will stay on the market. If you price your home too high, you might lose many interested buyers. If you price your home too low, it can result in skepticism and raise questions about the condition of the property.
In both cases, your house will end up staying in the market for too long, which will make potential buyers think that there is something definitely wrong with your house.
So how do you know what price is “just right”? You do so by determining your asking price through some research and careful estimation, which leads us to Rules #2 and #3.
Rule #2: Compare and Contrast
To properly set the price for your home, you have to research about the current home sale trends in your neighborhood. Look for homes in your area that have similar floor plans, number of bedrooms, number of bathrooms, and square footage to your own home. You should then look at which homes have been sold recently and what prices they went for. This should give you a pretty good idea of what your asking price could be.
You can take this a step further and ask for the listing history of a home similar to yours. You can do this with the help of a real estate agent. With a home’s listing history, you can compare the original asking price with the final sale price and use that information to get a better estimate for your home.
Rule #3: Think About Repairs and Renovations
When you are deciding how much to sell your house for, think about the major renovations you’ve made to your home – if there are any. If you have, that could bump up your home’s price.
On the flip side, if your property has some major maintenance issues, you can decide to do the repairs yourself and add your expenses to the asking price. Alternatively, you could leave the maintenance issues alone and just lower your asking price, knowing that your potential buyers will have to patch it up on their own.
Rule #4: Remember Supply and Demand
When it comes to selling your home, you should know how to adjust to the trends of the market. If you do your neighborhood market research as described in Rule #2, then you will know how many other homes in your area are competing for attention.
If you have little competition and the demand for property is high, then you can ask a bit more and maximize your profit. But if you have a lot of competition, be practical and ask a bit less for your home to make it more attractive to potential buyers.
Now that you know these rules, you can succeed in pricing your home competitively and receive some good offers from potential buyers!
If, however, you need to sell your Jacksonville, NC property ASAP, you can contact us for a fair and quick offer! Just fill out our web form, and we’ll get back to you within 48 hours!