Sell Your Home: How to Set the Right Price

March 18th, 2019 by Counselor Realty

Setting the Right Price to Sell Your Home
When you're selling your home, making sure it's priced correctly is a must to ensure it doesn't languish on the market. An experienced real estate agent can help you price it right and do the work required to make sure your home is as attractive to buyers as possible. These tips for pricing your house can help you understand why accurately determining what your home is worth is so important.

Don't Go Too High or Too Low
While it may seem appealing to overprice your home so you'll make more money, this can actually prevent your house from selling. Buyers are wary of homes that have been on the market for a long time, and the freshness of your home's appeal will wane after the first month or so. Pricing it too low obviously will keep you from making more money and some buyers may think there's something wrong with the home. Sometimes pricing it low can be a good thing—homes that are listed below market value often receive multiple offers, which leave room for a lot of negotiation.

Pricing is all about supply and demand, so talk to your real estate agent and get their feedback on the condition of the current market in your area.
Adjust Your Price if It's Not Selling
If your home is on the market for a few weeks and there's very little interest or you receive input that it's priced too high, do a proper cost adjustment as soon as you can. Keeping it on the market at a high price won't make it sell any faster.
Check Out Comparables on the Market
Most real estate agents prepare a comparable market analysis for home sellers to find what similar homes in a community are going for in your area. They review the asking price of homes similar to yours listed in the last three months within a quarter to a half-mile radius. If you live in a sparsely populated or rural area you can expand the distance of your search.
Investigate Recently Sold Comparables
Take a look at homes that have recently sold in your area and compare their original list price to the final sales price to determine ratios. In a seller's market, it's not uncommon for a property to sell for well over its asking pricing; however, in a buyer's market, houses often sell for less than list price.
Be Honest with Yourself
Perception is a powerful thing. Make sure your comparisons are accurate. Keep in mind that dividing lines and physical barriers that split up neighborhoods matter. Even if a home is close by and similar to yours, if it's in an area that's considered undesirable it'll most likely be valued at a lower price. Pay attention to square footage, the age of the home, configuration, upgrades and even the size and condition of outdoor areas like the yard and garage. It's important to honestly assess the desirability of your home and the area in which it's located. If you're unsure your real estate agent can give you a frank assessment of your home's true value.

Whether you're looking to buy or sell a Minnesota home, our experienced real estate agents at Counselor Realty can help. Contact us to get started today.

Categories: Sell a House

Tags: Counselor Realty, Sell your home, sell a home, For Sellers, Tips to sell a house

Thomas Simonsen, Metrowide Team Office: (612) 978-2585 Cell: (612) 978-2585 Fax: (952) 921-0145 Email Me

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Sell Your Home: How to Set the Right Price

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