Before listing your home for sale, one of the most important aspects of the entire process will be determining the right initial listing price. That’s because offering your home for too little may create a quick sale, but it can also leave you wondering how much more you could have received.
Alternatively, an initial list price that is too high can leave you with a listing that becomes “stale,” and ends up sitting on the market for weeks, months, or longer, while you continue paying the expense of the mortgage, utilities, and maintenance.
So, what is the best way to come up with the right list price?
There are some strategies for doing so – but none of these methods entails factoring in what you paid for the home when you bought it.
One of the best ways to come up with a dollar figure is to research the sales of comparable homes that have sold in the area within the past six months. This means taking a look at the numbers for homes that have approximately the same square footage, as well as the same number of bedrooms, baths, and other amenities.
Before you settle on an exact number, make sure that you have left yourself some wiggle room. For instance, most potential purchasers will want to negotiate. So, if you have a number in mind that you’d like to end up with, rather than starting with the lowest price that you can afford to accept, bump up the asking price by $5,000 or so. That way, if you need to negotiate with a potential purchaser, you’ll have some room to move.
If you’re thinking about selling your home, working with an experienced real estate agent can help. Our services include marketing your home, as well as negotiating with buyers, and determining the right list price.
Want more details on what a full service real estate team can do for you? Just Contact Us today.