When it comes time to sell your house, picking the wrong asking price can cost you a lot of money and time.
Price it to Sell, not to keep. What worked a year ago does not work today! Here are nine don’ts when coming up with your number.
1. Don’t Assume Your House is Worth the Same as Your Neighbor’s
Your neighbor’s home sold recently but has a pool, an updated kitchen, and a cracked foundation. Your house doesn’t have a pool, a cracked foundation, or an extra floor, so comparing the two just will not work.
2. Don’t Go Way Back in Time
Real estate prices can move up or down quickly. Old sales have little to do with the amount you should ask for your home today. Again, the goal is to price to sell; that’s the goal.
3. Don’t Look too Far Away
A recent property sale with the exact specifications as yours doesn’t mean much if the home is in a completely different neighborhood. Sometimes, property values can even vary from one block to the next.
4. Don’t Put a Price on Your Memories
No buyer will pay more because the house was your first, your parents, or where you raised your children.
5. Don’t Start High to Allow Room for Negotiations
Most home buyers don’t want to deal with unreasonable sellers, which is what they could think if you price your home too high. You may eventually have to lower the price below what would have attracted an offer if you had started with a reasonable number.
6. Don’t Think Buyers will Understand (or care about) Your Financial Goals
You may want to net a certain amount from the sale of your home to buy another property or pay down debt; unfortunately, that doesn’t matter to buyers.
7. Don’t Assume Your Upgrades Have a Dollar-for-Dollar Return
A remodeled kitchen boosts your home’s value, but by how much? It could be more or less than you paid.
8. Don’t Rely on Unreliable Sources
You can find websites that tell you how much your home is worth. Look closely at what they say about their accuracy, though.
9. Don’t Get Hung Up On Price Per Square Foot
While this is a thumbnail comparison, but it is far from an accurate gauge of value.
What Should You Do?
Hire a REALTOR®.
A REALTOR® has the most accurate data for your current market and the aspects of your property that can affect your asking price. Together, you can develop a pricing strategy for a successful sale.
How much will your home sell for in today’s market?
Tell us about your home, and we’ll do a free market analysis.
DO YOU NEED A REAL ESTATE BROKER? FIND YOUR NORTH POINT REALTOR® NOW.
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