How to Price Your Home
Pricing your home requires a lot of careful consideration. For home to sell, its price must meet two sets of needs; the needs of the seller and the needs of the buyer. Your listing price should be a number that is comfortable to you and also appeals to potential buyers.
First you need to take the local market and consideration. Look over comparables for your area to get an idea of what your home could sell for in the current market. If you’re working with a real estate agent look at comparables with them. They can help give you some insight on what has gone on in the market for the last year. They will also be able to help you strategically price your home so that has a fighting chance against the other homes for sale in your area.
Before hiring an agent talk with several different ones and get their input on what your starting asking price should be. Talking to several different agents will also help you pick the right person to represent your home. To better understand what your home is worth you can also have it professionally appraised. With an appraisal, comparables and the opinions of several real estate agents you should be able to make an educated decision on how to price your home.
The next thing you need to take into consideration is pricing your home strategically. Instead of pricing your property at $300,000 you could consider pricing it at $297,000 to attract more buyers. While it may not be much of a price difference it can make a big difference to buyers. First, always take into consideration the market-oriented pricing that consists of comparables and agent recommendations, yet also use the psychological pricing strategy above to attract a larger number of potential buyers. You’d be surprised at how many more people are interested in looking at a $297,000 home over a $300,000 home.