If there’s a million-dollar question homeowners contemplate before putting their home up for sale, it’s “How much should I list my home for?” To set the right price sellers should consider several factors. Read on to learn more.
Know Your Market:
What is the overall health of the area’s real estate market?
Is your market hotter-than-hot, are homes selling in less than a week? If so, setting your home price on the high side is probably not a bad idea.
On the other hand, is the market in a more conservative phase, have homes been going below ask? In that case, you may want to set the price of your home at the low end of your desired spectrum.
Know Your Buyers:
Know the difference between the list price and the sales price. Again, you’ll need to know what your area can handle. Are you in a town where buyers view negotiating an insult?
Best to name your desired price and not expect to go back and forth. Compare how other nearby homes have sold.
Be flexible. Even if you’ve done your research, be prepared to adjust your pricing approach. If you’ve had 20 potential buyers come through and no offers, or your home has been on the market for more than 30 days, you may need to revisit your price.