So you’re ready to sell your home and need to determine a list price. Obviously, you want the best possible price and overall “deal” you can get. There are a number of factors, including market conditions and interest rates, that will determine how much you can get for your home. Here are a few more factors you should consider:
How does the value of your home relate to the local housing market?
Real estate values are driven by supply and demand. If your community has a healthy employer base, a growing population and a limited housing supply, demand is likely to push housing prices up. Conversely, if your community is losing jobs and people are leaving the area, prices are likely to come down, creating a buyer’s market.
How badly do you need to sell?
If you need to sell quickly, you may have less leverage in the marketplace. Prospective buyers may try to offer a quick deal for a lower price, and perhaps this would work in your favor. On the other hand, if you don’t need to sell quickly, you may have a bit more leverage.
How much is too much?
Every real estate transaction is unique, which means that there is often a bit of “give and take” in the marketplace. Just how much give or take can depend on unique factors. Let’s say you live in a historical neighborhood. Homes in your area are likely to vary greatly in terms of condition, modernization and size. In a case like this, an average sales price for your area would not necessarily be an accurate indicator of your home’s value. In fact, you’re likely to find that home values in your area vary significantly. The challenge is to price your home as high as possible, without pricing it too high.
Who can help you set an optimal price?
Joe Craine and the team at Referral Real Estate know real estate. They understand local market trends and can help define the factors that should be considered when pricing your home. Contact them for a free market analysis today. It could be the best decision you’ll make throughout the entire selling process!