If you’re thinking about making a move, and you own a home that you’ll be putting on the market, then one of the very first items that has likely popped into your mind is setting the price for your present residence. This, in turn, can have a big impact in terms of the down payment you’ll have available going forward.
But, while most sellers will want to garner as much as they possibly can from selling their current home, the reality is that if you start out asking too much for it, the home could end up sitting unsold for a longer period of time. And this could cost you money…and maybe even the entire deal.
So, how do you go about setting the proper list price for your home?
One of the best ways is to take a look at comparable sales and listings. These are oftentimes referred to simply as “comps.” When doing so, it is important that you keep the radius of these homes within just one-half mile or so from your home. In addition, you should also ideally only use figures that are not any older than three months.
It is also important to keep the square footage of each of the comps in mind, as well as any other amenities that these properties may or may not have in comparison to yours. By working with an experienced real estate agent, you can quickly review the comps you need and from there, set the right list price for your home.
It’s been said that the single most important factor to consider when you are selling your home is to have it priced properly from the start. Otherwise, if it is priced too high, it is likely to lose its appeal after just a couple of weeks. On the other hand, if it is priced too low, you may end up with numerous offers…but you also may have been able to get more.
Are you considering putting your home on the market in the near future, but not sure where you should begin in terms of price? We can help! We offer a free, no obligation home valuation. So, give us a call today!