It’s possible to still get top dollar if you price your home correctly.
During the last couple of years, you could list a home on the market and expect to get a full asking price. There might even be a bidding war, or you might get more than asking price. However, the market has shifted. To attract buyers, you’ll now have to price your home correctly. Here are six tips to help you price your property:
1. Know why you’re selling. If you're selling because of some family need or change, you can price a little below market value because you need it sold urgently. If you're selling just to test the market, can price a little above market value.
2. Don’t tell your reason for selling. Keep that reason to yourself. At some point when your home's on the market, you’ll have a buyer's agents in your home. If you disclose your reason, they’ll beat you with the negotiations. Do not give them that advantage, and call your agent to handle this for you instead.
“You can go to open houses of properties that are similar to yours to check out the competition.”
3. Ignore the assessed tax value. Depending on your location, the assessed value can change every few years, so it’s better not pay attention to it.
4. Do your homework. If you're going to sell on your own, go to open houses of properties that are similar to yours. Get a feel of your competition, and maybe decide to get an agent, so you can have a professional give you a comparable market assessment and the value of your home. They'll analyze the market, and explain how they came up with the pricing.
5. Pay for an appraisal. You can get an appraisal if you’re not convinced of the pricing your agent has come up with.
6. Give yourself room to negotiate. Most buyers don't want to pay a full price because the media is telling them the market is falling, so you want to have a little room where you can negotiate.
If you need help with pricing your home in today’s shifting market, call or email me or my team. We'd love to be your real estate consultant!