Tips For Pricing Your Home Right
How much should I sell my house for? This is definitely the question that you may be asking yourself if you are looking forward to selling your home and you don’t know the real home value.
That is why pricing a home can be a tricky endeavor especially if you are a first time home seller. One hand, you risk missing out on potential profit if you price your home too low. And on the other hand, there are chances that prospective buyers will look elsewhere if you price your home too high.
But this doesn’t imply that you can’t price your home right. In fact, you can do it as long as you have some basic knowledge on how to price your home right. But if you don’t, here are a couple of tips for pricing your home right that will help you get started with setting the perfect price for your home.
Hire an experienced local real estate agent
Hiring an experienced local real estate agent who knows and understands the market trends can help you set the right price for your home. A good real estate agent is in the best position to explain current market trends in your community. Again, a real estate agent can tell you when you are overpricing or underpricing your home, which is crucial to setting the perfect price. Considering that an experienced real estate agent is well-versed with the nitty-gritty of navigating the market, then it means that a real estate agent can help you negotiate the best deal for your home in addition to helping you price your home well.
Look at the comparables
Identify some of the homes that have sold in your community over the past few months and which have some resemblance to your home, which is simply known as researching the comparables. Thereafter, you can take an objective look at every listing and then ask yourself how much you should sell your home based on what has sold recently.
Observe the trend line
You need to know and understand where the market is heading. For instance, you need to know whether the market is heading down, up or sideways. Once you understand the market’s trend line, you are in better position to price your home right without necessarily having to chase the market.
Get opinions from real estate professionals
One of the best ways of determining the perfect price for your home is by simply asking for a CMA (Competitive Market Analysis) from real estate experts. This is basically a free service and the information you will get will help you know and understand market statistics, sold and active comparables and it can also include adjustment for some unique items that your home may provide.
Avoid the common pitfalls
Lots of home sellers fall into some common pitfalls when it comes to pricing their home. One of them is assuming that their home’s tax value is a perfect pricing gauge. But in the real sense, this isn’t a good idea as most taxing authorities use computer models that don’t account for steep price declines that are experienced in most real estate markets. The other common pitfall is assuming that insurance replacement cost is a perfect indicator value, while in the real sense the insurance replacement cost is indeed an estimate of the cost of rebuilding a home rather than what the home is currently worth. One of the biggest pitfalls of all is looking for your home value in websites such as zillow.com, etc. The information on these sites are not always accurate and they don’t take into consideration the unique characteristics of your home. Most likely the home value that are indicated on these websites will be incorrect so it’s very important that you ask for the opinion of a professional and local real estate agent before pricing your home to sell.
With these tips for pricing your home right, you are now a step closer to selling your home at the right price. If you are thinking of selling your South Lake Tahoe home and would like to receive a free market analysis prepared by a professional local real estate agent PLEASE CLICK HERE to order your detailed home value report today!