One of the first steps you need to undertake in the process of selling your house is determining the price you are selling it for. Of course most of us want the profit when we sell our house, except of course if you are that person who just wants to get rid of the house and not really wanting to gain from it.
It may sound easy as it’s just numbers and you might think all you need to do is give your price and someone buys it but in reality this is not how it goes. If you think that the price you are selling your house for is already a very good deal, well remember that you are the one selling it not the one buying it so your opinion as to it’s being a good deal is not really going to affect the buyer’s decision.
How a home is priced depends on various factors such as the condition of the house, the location, and the market condition just to name a few. So how much really is your house worth and what is the best price you can sell it for? The following are some tips you can consider when you want to know how much you will sell your house for:
Research. Selling your house is different from selling your used cellphone. One reason they are different is that the former deals with a larger amount of money compared to the latter. Find similar houses as yours and see how much they are being priced. Apart from that, you will also have to check the houses being sold in your area because a 5 bedroom house in one area may sell at lower price compared to a 3 bedroom in another.
Pricing ahead of the curve. When you price your house, you have to make sure that the price will still be competitive 2 or 3 months down the line. It is a possibility that your house may not sell immediately and because the market changes from time to time, make sure not to be behind the curve. For example if the market is declining, instead of pricing your house based on its current fair market value, consider how much its value will be after few months. That way, even after months have already passed, your house is still priced at the same rate it was when you decided to sell it. The reason why this is advised is because declining the price of the house is a sign of desperation and we don’t want buyers to think that we are desperate to sell our house. This however do not apply to when the market is increasing as by doing so is already overpricing.
Buyer’s point of view. In pricing your house you have to think like you are the buyer. Sentimental values don’t mean to buyers like they do to sellers. Be rational.