Pricing your home for sale will be the single biggest factor in how long your home will be on the market and more importantly how much you will receive for it.
Here are a few strategies to help you figure out how much your home is worth:
Abandon your personal point of view. How much will a ready, willing and able buyer be willing to pay for your home? Buyers don’t care how much you paid for the home, how many memorable moments you and your family shared in the home, how much cash you need for the down payment on your next home, or how much it will take to get you out of debt. The only concern a buyer has is whether or not your home is at a fair price for the neighborhood.
Find a minimum of 3 comparable properties.
Ask your Realtor for “comparative market analysis” (CMA).
Consider market conditions.
Are home prices in your area trending upwards or downwards? Are homes selling quickly or languishing? Will your home be on the market in the spring home buying season or in the dead of winter? Are interest rates attractive? Is the economy hot or cold? Will you be selling in a buyer’s market or a seller’s market?
Property Priced to high.
The worst thing you can do is overprice your home thinking someone will “Bring an offer”.
Buyers will watch your house as the price falls and wonder, “Can I get it for even less?”
A concept in a person’s mind is hard to change once it is there. “Price Reductions” invite low-ball offers and buyers who think the sellers must be desperate to keep dropping the price.
Pricing your home for sale