Setting your home’s list price is a major decision that will certainly affect its sale. So, how can you be sure that the price you decide on will attract buyers? This guide will walk you through the process of determining how to price a house. From pricing it competitively to selecting a realtor, there are a number of factors to consider as you go about setting the list price for your home.
Factors to Consider while Setting the Price for your Home:
- Hiring a Real Estate Agent
- Review CMA of Recently Sold Properties
- Letting the Asking Rates Lump you
- Avoid Century Pricing
- Use Online Search Ranges
Hiring a Real Estate Agent
When you hire a real estate agent, you are taking the first step to selling your home more quickly. With their experience and expertise, an agent will be able to look at your home and determine the right listing price immediately.
Real estate agents also take care of all the hard work for you, from listing your property, to negotiating with potential buyers, which can be a huge relief for those who don’t have time to research or do not know where to begin when selling their homes.
Review CMA of Recently Sold Properties
When working with an estate agent, you can ask them to provide you with a CMA, which is a list of current sales in your neighborhood. Homeowners can do their own research online and get a fair notion of their property’s worth if they’re selling the home themselves.
However, don’t be scared to get a CMA from several realtors. You can also think about employing a third-party appraiser. They can offer you a good market price for your house for a small amount of cash.
Letting the Asking Rates Lump you
Have you considered letting the asking rates lump you? This is a process called “price banding,” or where your agent can identify a less congested price point by evaluating the prices of all active listings in your neighborhood.
Avoid Century Pricing
Pricing a home correctly will increase your likelihood of selling quickly and getting the most money for your property. Sometimes it’s best to price a home right around a century to avoid distracting buyers or even price slightly above a century amount such as $12,100,000.
Use Online Search Ranges
Use online search ranges for your house. This will help buyers find and purchase it within their budget. There are multiple sites where you can search for houses within a price range you feel comfortable with.
If you follow all five steps as outlined in this post and you’re willing to complete your due diligence, then you will have no problem setting the right price for your house. However, if you’re still nervous about pricing the home yourself, it’s better to hire a real estate agent.