When selling your home, choosing the right price point is one of the most important decisions you will make. Your asking price not only determines your profit or loss, but also how fast your home sells. Having the right realtor that knows what to emphasize and where you can get the most bang for your buck may be the difference between money in your pocket and money left on the table at signing.
Nonetheless, we know that deciding what price point to start with can be confusing. These tips will help you figure out how to get the maximum price for your real estate offering and only just a beginning of the knowledge we bring to the table here at Justin Thomas Real Estate.
The Right Appraisal
The right appraiser will visit your property and conduct a thorough inspection. Based on their observations, they will estimate an overall value. Property value may be based on factors like location, condition of structures and landscape, features and improvements, and size or age of the lot.
If the appraisal estimate is a little lower than you’d like, renovations or redecorating may be considered in order to raise your home’s value.
Next, it’s best to have a realtor that really knows the local area. A smart realtor with plenty of experience will understand how your home compares to those in your vicinity. Knowing this, they will be in a better position to understand how much your home is worth and how to position it among other homes.
Home values in your neighborhood and any homes that are currently for sale or recently sold are always considered when determining a price. We also consider homes that have similar features. Some important home features that may be considered during this comparison (and what you should be aware of) include:
-Number of bedrooms
-Number of bathrooms
-Age of home
-Size of property
-Square footage of home
-Location (proximity to schools, shops, commercial areas, etc)
There’s a saying that the five people closest to us are what we average out to. This is not be any different when it comes to homes and the area around you. The right realtor will understand this and be able to elevate the value your home is worth, the wrong realtor will settle for an average price.
Know the Range
A quality realtor will compare their research data to your appraisal. From that information, they will decide what is the absolute least that should be accepted for your home. This will constitute the low end of your price range. The high end of your price range should be as close to your estimate as possible.
Please note that your estimate may not be a realistic asking price, but we always seek to maximize the value of homes for our clients-never the less.
Here’s an example. Your home is possibly valued at $350,000. During our research, it’s noticed that similar homes that have recently sold are priced around $275,000. Unless your property has an incredibly special feature or asset that others do not, your home is unlikely to sell for that full value. In that case, the high end of your price range is adjusted accordingly for current market conditions.
With the proper research, we attain what others have gotten for properties like yours. We compare those numbers to your appraisal estimate and then decide how much we think you can reasonably get for your property.
It’s always smarter to be prepared with the data of a value range for what your home is worth, rather than having a solid asking price as this eases negotiations and prevents unnecessary stress due to possibly unrealistic expectations.
Get Professional Help
A quality licensed, local real estate agent can simplify the process of pricing your home to sell altogether. Agents can access timely and accurate information on property conditions and values that non-agents cannot easily access. They analyze and interpret home value trends and market conditions every day, which allows them to more accurately estimate effective asking prices.
Seeking any professional guidance, we ask that you take your pricing decisions seriously and intelligently. The knowledge and time invested in the right realtor will be time and money well invested when you are signing the contract so the next owner of your home may move in.