It can be intimidating and overwhelming to put your home up for sale – after all, how do you put a price tag on something that’s held so many memories for you and your family?
Zeroing in on the value of your home is an important part of the selling process. You don’t want the price point too high, or too low. The wrong price point could turn off potential homebuyers you’re looking for – so it’s important to discuss options with your real estate agent and appraiser.
Here are some things to consider when determining the value of your home:
How long are you waiting to find the right buyer? Are you willing to accept a lower selling price so you can move your home quickly, or do you have time to find the buyer willing to pay the amount you’re looking for?
When you’re thinking about your home, think of everything it has to offer. Consider amenities, upgrades, view, and curb appeal.
Current Market Conditions
This can go along with motivation – depending on whether it’s a buyer’s or seller’s market, you’re going to have a different journey.
A seller’s market will have: low inventory, high demand, homes selling above listing price, and multiple offers.
A buyer’s market will have: high inventory, low demand, lower offers, and price reductions.
Similar Home Prices
The appraiser you hire will generally inspect similar homes in the area that have sold within the last 45-90 days. When completing your own research, you can also look at sales within the last 12 months to get a pretty good idea as to where your home stands.
Talk with your real estate agent about a Comparative Market Analysis (CMA) and talk with an appraiser.
When it comes down to it, you (the seller) price your home. But, it doesn’t hurt to become informed first.