Pricing your home to sell is the most important factor to determine whether your home will sell or not. At the correct price, buyers can look past certain defects in your home,size, location or lot. There are several things that you need to look at when determining the price of your home:
- Recent sales of homes in your neighborhood or similar neighborhoods in recent months. It doesn’t matter what your neighborhood got a couple of years ago, because the market is different now. Sales should go back about 6 months.
- The sales on the homes in your neighborhood or similar neighborhoods should be about the same size and condition of your home. There will be some adjustments made based on the size, condition, location in the neighborhood and lot compared your home.
- One should also look at the listings of houses that failed to sell after being on the market for some time. The biggest reason why they didn’t sell was the price. You need to offer a better value or package than what the houses that didn’t sell had.
- One thing that I look to in pricing homes is by looking at similar homes that are currently on the market. Buyers will often look at different homes in the same neighborhood to see what property best suites their needs and budget. In today’s real estate market, you do need to be the best value.
- The only real thing that you can control in the real estate market is your home. You do control the condition of your house. A thing to keep in mind is that you might not get all of the money back which you put toward improvements. If your property has some things that might deter buyers, such as deferred maintenance, a strange floor plan, steep driveway or any other thing might be seen as a negative, your home prices should reflect that.
It doesn’t matter that your neighbors house is listed $ more than yours. It’s been on the market for a very long time. I’m trying to sell YOUR HOME, it doesn’t matter what they are doing.
After looking at that information, I do come up from a price range of what your home is worth.It is ultimately your decision on where in the price range you would like to list at, based on your goals & time frame.