Do you plan to sell a home in 2018? If so, it’s time to start thinking about your asking price. Better yet, you could work with an experienced real estate agent to determine your list price. It’s one of our specialties. In this article, we’ll look at the reasons why it’s so important to price a home effectively, in order to get a quick sale.
When selling a home, you can set the initial asking price in one of three ways. You can price it to sell quickly, eventually, or not at all. The first option is the one that appeals to most sellers, for obvious reasons.
The primary goal when selling a home is (A) to get the highest possible price, and (B) to sell within the shortest time possible. So let’s talk about how you would price a home to sell it more quickly.
When selling a home, it can be helpful to change your mindset from “owner” to “seller.” In reality, you’re both of these things. You’re the person who owns the home, and you’re also the one who is selling it. But you’ll want to think more like a salesperson than a homeowner, especially when it comes to pricing your home for the market.
Here’s a short maxim to help you adopt a salesperson’s mindset: “It’s not personal. It’s business.” You can repeat this little mantra when determining your asking price, and when negotiating with buyers. The personal and emotional connection you have to your home does not translate into market value.
Depending on when you first purchased your home, there’s a good chance it has risen in value. That’s because home prices across the country have generally risen over the last few years — and they continue to do so in most cities. In fact, according to Coldwell Banker Bain’s 2017 annual market report, the average sales prices for single family homes in Snohomish County, including condos, increased significantly in 2017. At the same time, the inventory levels of both new and resale homes on the market continued to shrink.
So you’ll want to have the property evaluated by a real estate agent prior to setting your price. Your agent will review recent home sales in the area and other relevant data to figure out what your house might be worth in the current market.
And speaking of the market, that is what determines how much your home is worth. The primary market forces of supply and demand dictate how much a seller can charge for an asset (in this case, a house). So it’s important to analyze the broader real estate market — and not just the house itself — when deciding on your initial asking price. This is another area where an experienced agent can guide you.
Setting the list price too high is a common mistake among sellers, particularly those who go it alone without an agent’s help. We live in the Information Age. Thanks to the internet, home buyers are more price-savvy than ever before. Most buyers conduct a lot of research before entering the real estate market. So it’s important that you establish a realistic asking price based on (A) recent sales activity and (B) the unique features of your home.
Pricing is one of the “Three P’s” of a solid home-selling strategy. The other two P’s are preparation and promotion. If you want to sell a house quickly and for top dollar, you must prepare it for the market, price it wisely, and promote it widely.
— Content provided by MetroDepth