The Price is Right. Or is it?
Whether you’re selling your home yourself or with a REALTOR®, it is crucial that the price is set right from the get go.
Before you list your property for sale, make sure to determine the property value. Get some sold comps (comparable sales) in your area including your sub-division. You can get the comps yourself if you have access to the MLS, or from a licensed real estate agent, or from websites that provide comps. Once you have the comps, do compare your property’s condition with those of the sold comps. If the property is listed for a higher price, the property will stay on the market for a little while. If it stays on the market for a while, buyers can question there being something wrong with the property and the seller loses some negotiating power. If the property is listed for a lower price, you’ll probably leave some money on the table.
If you’re using a REALTOR®, she can help you pull those comps, and establish value of the homes. Some REALTORS® will tell you that they can sell your house for a given price just to get the listing. So, be sure to do your own research or interview a few REALTORS® and make a fact-based decision. Again, go with the golden rule in real estate – “trust, but verify.” If you want to fly solo and list it as a FSBO, you can use a licensed appraiser to appraise the property.
Now that you have established the home value, it’s all up to you or your agent to price it how it’s right for you. The goal is to price it such that the property attracts the most buyers. You can even be picky of the offers if you create a flood of interest by having it underpriced thus resulting in a bidding war or multiple offer situation. This will result in a higher final sales price than the listed sales price.
So, there you have it. Price it right from the get to and get the price you want, within reason, in the timeline that you desire.
Here are Successful Real Estate Investments (REI), LLC, we buy houses. If you know of anyone who is thinking of selling their home, please feel free to have them call us.