When it comes time to put up a price for your home, you may be more than happy to begin with the same price you paid for it, fix a few things and install some add ons to make it more valuable. However, this way of doing it isn’t the best way to sell your home and you may be “sitting” on it for quite a while. Here are some techniques to find out exactly how much your home is worth:
1. Consider How You Think of Your Home’s Value
Try and look at your home from a buyer’s point of view rather than your sentimental value. The memories you’ve had there may be priceless, however, a potential buyer doesn’t care about the sentimental value, how much cash you had to put down on your next home, nor how much time and cash you’ve spent on redesigning the home.
2. Meet with Agents
Make appointments to meet up with at least three real estate agents to take a look at your house and ask them their honest opinion of what it’d go for. Also, ask for a CMA, comparative market analysis, which shows any and all recently sold houses on the market that are similar to yours and ones that are still on the market and have been for a while. Be sure to ask the agent why each home is on the CMA and if and why any other similar homes were taken off.
3. Do Your Homework
Check out other houses in your area that are up for sale and go check them out and compare their size, amenities and location. Then ask yourself, if both prices were the same would you buy their house over yours and why.
4. Deciding Value In Terms of the Whole Package
Make sure you determine the price per square foot, although it can be an important place to start when deciding the price, it shouldn’t be the sole, deciding factor.
5. Find Out What is Selling and Why
Be sure to check out the market history. If you’re in a season where homes aren’t selling because not a lot of people are buying, make sure you know when people are buying homes so you can be sure your house will get sold in a timely fashion. Also, how is the economy? Will you be using a buyer’s or seller’s market? As well as, how is the job market in your area? As all of these effect how quickly and easily your home will be sold.
6. Throw in Something Eye-Catching
Lastly, make sure you lay out an incentive or two. For instance, offering seller-financing for those who need financial assistance or a lease option for those who need down payment.