Pricing your home is both an art and a science. Achieving the optimal price is the result both of objective research into comparable properties and a gut feeling about your property and the current market.
The right price should:
Allow you to earn the most money possible, and
Help you sell as quickly as possible
The simple fact is, price is the number one factor that most homebuyers use to determine which homes they want to view. And it's important to remember that, although the price is set by you, the value of the home is determined by the buy. Try to avoid allowing your enthusiasm to impact your better judgment - overpricing is a common mistake that can cost you in the end.
With that in mind, here are some reliable guides to use when pricing your home:
FACTORS AFFECTING YOUR ASKING PRICE
How quickly you need to sell.
The amount of competition in your price category and area.
The availability, flexibility and affordability of financing.
The sale prices of similar homes sold in your area during the past six months to one year.
FACTORS THAT SHOULD NOT AFFECT YOUR ASKING PRICE
The original cost of the property - price is determined by today's market.
Any investments you've made in improvements.
The cost to build your home today.
The opinions of friends and neighbors.
PROBLEMS THAT CAN ARISE FROM OVERPRICING
You might help sell similar homes that are priced lower.
You home may stay on the market longer.
You could lose market interest and qualified buyers.
You might create a negative impression of the property.
You could lose money as a result of making extra mortgage payments while incurring taxes, insurance and unplanned maintenance costs.
You may have to accept less money.
A potential buyer may face appraisal and financing problems as a result of the inflated price.
An AMERI/STAR agent can help you price your property right. With a mix of real-world experience and advanced training, our agents have the tools necessary to computer the fair-market value of your home based on both the marketplace and personal considerations like your must-sell date. Remember; the right price is the key to a successful sale. So work with AMERI/STAR to price your home accurately the first time.
The Trusted Real Estate Group based in Sioux Falls, SD is a real estate company dedicated to helping you find the right residential home, lot / land, commercial building or investment property. The Trusted Real Estate Group is part of the Ameri/Star Real Estate, Inc. family. Website designed and Hosted by Gage eServices