What is my home worth? This is a question that Realtors for Century 21 M&M are asked everyday. It’s tough being a seller in a buyer’s market, but with a bit of research and some help from your real estate agent you can improve your odds.
Here are 5 things to consider when pricing your home;
Take into consideration what price houses are going for in your geographical area. In fact home prices change depending on the price range and the neighborhood.
Ask yourself the question, ‘What is the demand for a home like yours in your neighborhood?’ Ask your Century 21 M&M Realtor for comparables, you have to look at what’s sold (in your area), and at what price?
There are three more things to take into consideration; local trends, are prices going up or down – and by how much? How many days are homes (in your area) staying on the market? And, are home sales in your area impacted by the season?
Analyze who are the Buyers in your market. Ask your Realtor for an idea of who is buying and what are they shopping for. Are you living in a hot area that people are moving into, or are you living in an area where home shoppers are looking for a bargain?
Are you competing against a flood of new homes that builders are trying to sell or are you selling a newer home in an area where most of the homes were built decades ago?
Talk to your Century 21 M&M Realtor about strategic pricing. When thinking about the current market conditions, if your Realtor tells you that home prices are dropping 1% a month and you want to sell within three months – then you may want to take 3% off the price of your home when you put it on the market.
This will give you a competitive edge over the homeowner who starts at the higher price and then has to drop the price 1% every month. And, reducing the price from the get-go may trigger a bidding war with the end result of a higher sales price.
Decide how important it is to sell your home right now. If you have to get a certain price for your home and the market is taking a nose dive, why not decide to sit tight for a while until the market starts to turn around.
Just because you have a For Sale sign in your front lawn doesn’t mean you can change your mind if you are not seeing the interest you expected.
Assess the market where you plan to buy your next home. If the home prices in the area that you are interested in are on the upswing, it still may be a good idea to sell your home and purchase your new one.
Whatever you decide to do, it is always a good idea to talk to your Century 21 M&M Realtor at least a couple of months ahead of your intended home sale. This gives you the time to get your home ‘ready to show’, both inside and out, so that when you do put it on the market you have the best chance for a sale at an optimal price.