What makes one home sell rapidly while others linger on the market for months? The answer can often come down to one main factor – price. Determining a home’s worth is a tough question these days, which is why many homeowners and the Realtors who represent them can struggle with finding that magical number that balances profit for the seller with value for the buyer.
Deciding on the right price from the earliest starting point is one of the most crucial ingredients for an expedient home sale. Popular wisdom says that the initial 21 days of a listing are the most important, as interest can decline soon after.
In a volatile market, it’s difficult to reconcile what a home is worth today versus what it was valued at only two years ago, but your Realtor can definitely help walk you through it. Start by looking at comparable sales in the neighborhood, keeping in mind certain aspects that may affect price. For instance, nearness to loud freeways, school district lines and local amenities can all impact the price of houses in the same neighborhood or even on the same street. Pay attention to how long houses in the neighborhood were on the market before they sold. Determine why some sold faster than others. Was it location? Was it the condition of the home? Usually, it often comes down to the price.
Check with your Realtor for a Comparative Market Analysis, filled with detailed information about the local real estate market, marketing strategies and selling price recommendations. This is another useful tool for deciding on the asking price for your home for sale.
During tough economic times, everyone is looking for a deal. But that doesn’t mean that you have to say goodbye to a decent profit. Just remember, with research, comparisons and an honest look at your personal level of motivation, you’ll be able to set the right price to attract the right buyers and create a win-win home sale that makes everyone happy.