When it comes time to sell your home, one of the most important decisions you’ll make is how to price it.
Unfortunately, there’s no one perfect answer – pricing too high or too low can both doom your sale. So what’s the best way to set your home’s listing price? Read on for 8 strategies that will help you find the best number!
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Consider Neighbourhood Comparables
One of the most important factors in setting the listing price for your home is considering neighborhood comparables. In order to do this, you will need to look at recent sales of similar homes in your area. This will give you a good idea of what buyers are willing to pay for a home like yours.
Keep in mind, however, that each home is unique and you should also consider other factors such as the condition of your home, any special features it may have, and the current market conditions.
With all of this information, you can arrive at a listing price that is competitive and attractive to buyers.
Complete an Online-Evaluation
One of the best ways to get an accurate estimate of your home’s value is to use a free home evaluation tool offered by a real estate agent.
These tools take into account all of the relevant factors in order to provide you with a realistic estimate of what your home is worth. Plus, they are usually updated on a regular basis so that you can be sure that you are using the most up-to-date information.
So if you are wondering how to determine your house listing price, be sure to take advantage of one of these free home evaluation tools.
Try the Real Estate Pricing Pyramid
The general theory is that as you price your home higher than market value, the smaller audience for it becomes. In other words- if someone wants a house at all costs and will buy anything no matter what prices are involved or how many people might be looking to buy their property then this type of buyer may find themselves living somewhere else with less competition because most others would avoid negotiating over such an expense!
Consider Seasonal Shifts in the Market
When pricing your home one important aspect to remember is the seasonal shifts that come with the real estate market. In general, the market is more active in the spring and summer months than it is in the fall and winter.
Because of this, you may want to consider pricing your home slightly higher in the spring and summer when there are more buyers looking. However, it’s important to not overprice your home or else you run the risk of turning away potential buyers.
Think Like a Buyer
When you are trying to come up with a listing price for your home, it is important to think like a buyer. What would you be willing to pay for a home like yours? Start by looking at homes in your area that are similar to yours and see what they are listed for.
From there, you can adjust the price based on many factors that make your home better or worse than those homes. For example, if your home is in better condition than comparable homes, you may be able to charge a higher price. On the other hand, if your home needs some work, you may need to adjust the price accordingly.
Adjust for online pricing benchmarks
The internet is quickly becoming the primary way people find homes to buy, with 95% of buyers using online tools in their search process. Additionally, only 41 percent said they started off looking for a new home by browsing websites rather than through other means.
The goal is to make sure your asking price shows up with the greatest frequency when buyers are searching for properties like yours and in that range. Once you have an idea of what it should be, tweak just enough so that this will happen!
Many online platforms offer a filtering option that may hinder your home from appearing in certain searches if your asking price is too high or low for the range being searched.
For example, if your home is listed for 453K but the filter offers a search from 300K-450K, your home will not appear in that search, despite the chance the buyer may still be interested in your property.
By tweaking your listing price to 450K, buyers will now see your home without having to manually search for properties above their set range, giving you a better chance of being considered.
Use the power of social media
Social media can be a powerful tool when it comes to pricing your home. Try conducting a poll on Facebook or Twitter to get an idea of what people think your home is worth. You may be surprised at how accurate people can be! Just be sure to only use people who are familiar with your area and the current market conditions.
You could also try posting a picture of your home on social media and asking people to comment with their guesses as to what they think it is worth. This can be a fun way to get people involved and can give you some good feedback to help you price your home.
Get an Agent’s Opinion
If you are still unsure about what to list your home for, get the opinion of a real estate agent. They will be able to tell you what they think is a fair price based on their experience and knowledge of the market.
Plus, they can help you market your home and negotiate with buyers to get you the best possible price. So if you are having trouble coming up with a listing price, be sure to consult with a real estate agent.
When it comes to setting the list price for your home, there are a number of factors that you will need to consider. By using these 8 strategies, you can arrive at a fair and competitive price that will attract buyers.
Be sure to take into account the condition of your home, the current market conditions, and any special features that your home may have.
With all of this information, you can confidently list your home at a price that is sure to draw in buyers.
