6 Hot Tips For Pricing Your Home For Sale

 In Selling

It is always major headache and dilemma when it comes to getting the right tips for pricing your home for sale. Making the correct decision at the beginning is crucial and important to set the ball rolling right in the sale process. Hang on tight to these 6 hot tips for setting a selling price for your home and where to start!

TIP #1: Set A Price

tips for pricing your home - real estate agent to the rescueImage by The Property Exchange

If you are going through a real estate agency then naturally they can help you with setting a price. As an experienced Agent they should know what factors affect the price of your home and what it has the potential to achieve. They should also know how to set the asking price to your advantage and help you get the most money possible.

TIP #2: Choose a local real estate agent

When selecting a real estate agent, it is a good idea to choose someone local. Real estate markets vary greatly from city to city, and even neighbourhood to neighbourhood. A local agent will be more familiar with the area’s market trends than someone who is far away. It basically means they can more easily determine how much your home has the potential to sell for and help you set the asking price accordingly.

TIP #3: Research the local market

If you choose not to go through an agent, you will need to research the local market before setting an asking price for your home. There are many factors that can affect the price your home will sell for. Go through the earlier exercise and make sure your home provides the best value at the price point.

TIP #4: Listings that have settled

tips for pricing your home-soldImage by The Property Exchange

Listings that have settled recently are one of the best sources of information as they are evidence of what properties have actually sold for rather than what vendors are currently asking. Looking at homes that are similar in size, age, and block size to yours can give you a good idea of what your home could sell for. It’s also important to consider the area your home is in. The best comparisons are those with homes within a 3km radius of yours.

TIP #5: Active listings in the area

under offer then soldImage by The Property Exchange

Active listings can give you a good idea of the asking prices for homes similar to yours. However, you have no indication of whether the home in question will actually sell for that price. Be sure to consider how long the listing has been on the market. If it has been listed for a long time, this is probably because they have set the price too high. Their mistakes can show you what not to do!

TIP #6: Sellers or buyers market?

Once you have determined what prices homes similar to yours have been selling for, you will want to look at the state of the real estate market.

In a seller’s market, there are more buyers than there are homes for sale. This allows sellers to get a higher price for their homes due to the high demand. A buyer’s market occurs when there are more homes for sale than potential buyers. That means that you will need to price your home competitively. In a balanced market, you can expect to get a price similar to that of other comparable homes that have recently sold.

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