4 Tips For Pricing Your House to Sell!
4 Tips for Pricing Your House to Sell!
One of the most important things to consider when selling your house is how to price your house. If you set the price too high you won’t get a quick offer and set it too low and your house will sit on the market for months or you may regret the price you set. So, how do you set the right price? Here are 4 tips:
1. Examine Similar Listings and Past Sales
While no house is identical to yours, you’ll have a clear understanding of the market value. Study similar houses listed within your neighborhood in the last six months.
Consider physical barriers and neighborhood dividing lines such as railroads, freeways, and major streets. Similar houses on different sides of a street can vary by thousands of dollars.
Look at identical houses (same # of bedrooms, bathrooms and square footage) that were sold and compare their original list price with the selling price. This will help you to determine price reductions. In a seller’s market, houses can sell for more than 100% of the list price.
2. Try not to Overprice your House
If you overprice, you may find yourself chasing buyers and spending more money than you imagined. Time is not on your side and no buyer wants to overpay. If your asking price is too high, house buyers will think you are unrealistic and will overlook your house. If your house is priced above market by 10% or more you will eliminate 60% of the buyers from even looking at your house.
When pricing your house we like to think about how people search for houses. Buyers generally have a range that they are looking to buy. For example, if I can afford to spend $300,000 for a house I will probably search between $275,000 and $325,000. I wont stop at $322,000 or start at $278,000. I will use round numbers. Pricing on the $25's is an effective strategy to make sure you stay in the range your prospective buyer is looking. Plus, if you are the house shown at the bottom of the range you look like a bargain.
3. Think like a Homebuyer
What do you look for in a home? Is it a great view, a modern kitchen, or a big yard? These are probably the same things your target buyer is looking for. Have a talk with us about current buyer trends. Shag carpeting might have been the in thing last year but granite countertops may be popular this year. Your price should be similar to that of other houses with the same amenities. If the price is right, buyers won’t have many objections about your house.
4. Know Your Priorities
What do you prioritize more? Selling your house for the highest price or selling it fast? Some homeowners price their houses lower so as to sell them as quickly as possible. But you can sell your house at the full price and sell it quickly. Consider updating the exterior of your house with curb appeal ideas like a fresh coat of paint and fresh or landscaping.
Trying to sell your house is not an easy task and the hardest part is setting the asking price. Implement the above tips and you’ll be sure to set the right price. Most importantly, use our team to help you with the pricing process. The Tosello Team is here to work with you to get your house priced correctly and looking it's best so it can sell quickly.