Consider THESE When Pricing Your Home to Sell
Pricing your home can be intimidating. You want to get the most for your home, but if you price your home too high, then you’re not going to get a lot of offers. Pricing your home too low means leaving money on the table.
Every home is unique, and it’s often hard to tell what upgrades and renovations means more.
If you’re selling your home, check out our guide to what to consider when pricing your home to sell.
Review All Recent Comps
Comps, or comparable sales, will be your best friend when pricing your home. These sales that took place within the last three months will tell you how the market it doing, and will be a solid indicator of how much you should expect to sell your home for.
Remember that the market can turn very quickly. Keep looking at comps even as you show your home. They’ll tell you what to expect when offers come in.
Improve Fixtures and Finishes
While you could go through a few major renovations on your home, the simple truth is that a little polish and shine can go a long way. If your home looks dated or your decorations are obnoxious and loud, then there’s a good chance homebuyers won’t want to pay as much.
Remember this when looking at comps. If your kitchen isn’t upgraded, then it won’t be a good match for a home that does have an upgraded kitchen. If you don’t have the budget to do major renovations, try a few small updates like updating your hardware or painting the kitchen.
All Homes are Unique
Just because you see a home with exact same measurements and bed and bathroom counts as your doesn’t mean that your homes are exactly equal. When pricing your home, you need to look at the whole picture, not just the surface details.
Little details, such as upgrades and floor plans, make a big difference. For example, a choppy floor plan can bring a home’s value down. Buyers like a property with good flow, and if you’re if hard to get through, people won’t pay as much.
Look for details other than size to truly understand how much your home is worth.
Little Things, Little Price
Never assume that a house down the street from you is a comp. Even if the size and bed and bathroom count are the same as yours, the other home may be in a completely different tax zone and school district. A good school district also impacts price.
Lot size may also affect price. Your home sizes may be the same, but if the other lot comes with more property, it may be worth more.
Tour Other Homes
One thing sellers often forget to do is tour other homes. It’s an easy way to see why some people are pricing their homes so high, and it’s a good chance to connect with other sellers. Their experience may help you decide on a fair price for your home.
Look for differences between your homes, such as layout, fixtures and upgrades. All of these will affect how you price your home.