Realtors® are the experts and professionals when it comes to the housing market values. Realtors® take into consideration the trends of what is happening with the market, and this is done on a consistent basis to monitor trends in the industry.
There are several different considerations when pricing your home to sell:
- Look at recent sales – Compare the sales of when you purchased the your house to where housing prices are today. Your Realtor can prepare that information for you. Look at median price by year, and note if it is trending up or down, or if it is stable. Take into consideration if the prices have remained constant, or have they increased or decreased. This is important, because often times sellers will want at least what they paid, plus any improvements they have made to the home. Now it is time to be objective about your own home, and not emotional.
- Analyze comparable and recent sales – Consider recent sales in your area, and compare the features of those homes to your home. Consider the condition of recent sales as well as size and location of the home. Are there any features which make it more valuable, or less valuable.
- Think like a buyer – Your Realtor® should make the recommendations that you visit other homes for sale – go to open houses. Be objective, and consider how these other homes (your competition) present themselves. Look at the details (flower beds, is it clean, organized, does it need updating) so that when you come back to your own property you can be objective. If you’re going to price your home competitively it is important to know what is happening in your neighborhood and community.
- Location – One of the most important considerations is location. Is your home on a busy street, does it back up to a busy street? Does it have features that you feel add value, be sure to communicate that to your Realtor®, so that can be taken into consideration.
- Condition – When you are touring other properties which may be your competition, consider the condition of the properties, and take into consideration any updating that your home may need. Paint, clean, de-clutter, take down personal photographs are just a few when preparing your home to sell.
If I can answer any questions about pricing your home, please contact me.
