When it comes time to sell your home, setting a realistic selling price is extremely important. Price it to low, and you may be leaving money on the table, despite getting extra interest from buyers. Price it too high, and your home risks becoming a “stale listing,” as it sits on the market with little interest.
· Consider nearby comparables. What have other similar homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?
· Consider the competition. How many other houses are for sale in your area? Are you competing against new homes?
· Consider your contingencies. Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in a few months instead of a few weeks?
· Get an appraisal. For $400-500, a licensed appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute (www.appraisalinstitute.org) or ask your REALTOR® for some recommendations.
· Be accurate. Studies show that homes priced more than 3% over the correct (market) price take longer to sell.
· Know what you’ll take. It’s critical to know what minimum price you’ll accept before beginning a negotiation with a buyer. Of course, there could be other terms on the offer that may change this number. Your agent can guide you further on this during contract negotiations.
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