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How to Accurately Price Your Home

How to Accurately Price Your Home

If you are considered putting your home on the market this season, you can bet that prices tend to see the highest gains during the summer month. The beautiful weather creates an active mood, and what could be a better activity than buying a home? Follow this home sellers guide to get your home ready for market. 

To get the best price for your home, you will need to formulate a solid strategy. 

  • Is it better to price your home lower with the hopes of creating a bidding war?
  • Or is it a better idea to list it high and reduce the price if there are no takers?

No matter which way you are leaning, it is ultimately the buyers who decide the market value of your home. The best suggestion for pricing your home would be to put yourself in the buyer’s shoes and try to price it as if you were buying your home. Here are a few tips to put you into that mindset.

Control your emotions

Without a doubt, you have formed some emotional attachment to your home. It will be challenging to sell a place with so many great memories. 

However, the buyer does not share in that nostalgia and indulging in it when you price your home will not help it sell faster. Try to approach pricing your home as objectively as possible and be realistic about the actual value of your home.

Get the house in ship shape 

If you are looking to get the best price for your home, you are going to need to make sure it is the most attractive house at that price point. To get your house market-ready, you should: 

If you want to set your home’s price ambitiously, make sure it is the best-looking property in its price bracket. So, before you list it:

  • Perform necessary repairs
  • Make it shine
  • Consider upgrading the carpets, paint and light fixtures
  • Upgrade the paint, carpet, and fixtures.
  • Fix any issues it might have that could make a buyer object to its purchase.

Check out the competition

Be sure to tour the neighborhood for any competing homes that are for sale at the same price point. Doing this before you put your house on the market will give you a better idea of what you need to do to stand out from the competition. 

Get a market analysis

It is always a great idea before selling any home, to request a market analysis from a licensed real estate agent. These analyses are a free report in which the realtor will gather data on homes that have sold recently in the nearby area, and at your price point. You will be able to see a list of your home’s “comparables.” 

Sit down with your agent

If your agent is trying to convince you to take a price that is lower than you think is fair, it is to your advantage to have a heart to heart with them and try and understand their reasoning. In most cases, agents have some incentive to price a home lower than necessary to sell it quickly and collect their commission. 

If you think this is happening to you, you should consider finding a new agent. Most agents have integrity and can put their clients’ needs first. They will also explain to their clients which strategies are effective and why. It is essential to find an agent that you can trust. Before you choose an agent, try and collect some recommendations from coworkers, family, or friends. 

Hire a professional appraiser

If you desire to have a more accurate analysis that the agent’s comp report, it can be a good idea to hire an appraiser. An appraiser is a professional who comprehensively determines the value of a home. It is best to find an appraiser with a good deal of homes in the same market as well as a similar neighborhood. 

Don’t price with zeros

It is an old advertising trick that you should never price an item so that it ends in a zero. Zeros are there to invite the buyer to negotiate more. The idea is that if it is rated with a nine instead, the price looks more finalized and certain. 

Of course, many people are aware of this tactic, but it can serve to make your pricing look more deliberate and firm. 

Get help for your home sale or purchase in Williamsburg. Call Brooks Real Estate today at 757.229.9595 or send an email to info(at)cbtraditions(dotted)com.