Setting the price for your home
So, you have decided to sell your home and are wondering how to go about setting a price for it.
One of the best ways to set a price is to calculate based on the home’s square feet. However, this will give you just an idea about what price to set. The next step you need to take is getting a comparative market analysis from your real estate agent. This can be very helpful because a CMA will give you the necessary information on the prices of similar homes that were sold, homes on the market and home that did not sell in your area.
Use this information and ask your real estate agent a couple of questions on the current rates in the real estate market. You need to find out if prices are increasing or reducing and how many homes in your area are being sold. This will help you to better evaluate your situation and you can set the price according to these details.
One important thing you need to do is look into the repairs that have to be carried out in and around your home. Are these repairs substantial, because in that case you would have to spend some money doing the repairs. Determine whether these costs could be recouped during the sale of your property. If the current market trends is such that it favour buyers, then this point is important to consider because a home that’s not in good condition will not have a good value set on it, which means people will be offering you less than what you consider is the right price for your home.
If you go to an agent, don’t get convinced by agents who simply hike up your home’s price and then come back weeks later to reduce it. The price they set is not the right one so be wary on such issues. You should not have your house in the market for more than a few weeks because a property that’s on sale for a long time becomes less saleable as people start wondering why the property was not sold earlier … are there too many defects or is the seller not motivated enough? All this actually affects the price you set and you may have to lower your price if these issues affect the sale of your home and you are in a real hurry to sell and move elsewhere.
Finally the best price to set for your home, is one which is 3% of its actual market value. This give it a 95% chance of getting sold within a normal listing period, otherwise these chances tend to decline. A higher price than this indicates that you have not really looked into the market trends and that you are not offering competitive rates. As a result people looking into buying a house within your price range will reject your house in favor of larger homes for the same price.
One of the best ways to set a price is to calculate based on the home’s square feet. However, this will give you just an idea about what price to set. The next step you need to take is getting a comparative market analysis from your real estate agent. This can be very helpful because a CMA will give you the necessary information on the prices of similar homes that were sold, homes on the market and home that did not sell in your area.
Use this information and ask your real estate agent a couple of questions on the current rates in the real estate market. You need to find out if prices are increasing or reducing and how many homes in your area are being sold. This will help you to better evaluate your situation and you can set the price according to these details.
One important thing you need to do is look into the repairs that have to be carried out in and around your home. Are these repairs substantial, because in that case you would have to spend some money doing the repairs. Determine whether these costs could be recouped during the sale of your property. If the current market trends is such that it favour buyers, then this point is important to consider because a home that’s not in good condition will not have a good value set on it, which means people will be offering you less than what you consider is the right price for your home.
If you go to an agent, don’t get convinced by agents who simply hike up your home’s price and then come back weeks later to reduce it. The price they set is not the right one so be wary on such issues. You should not have your house in the market for more than a few weeks because a property that’s on sale for a long time becomes less saleable as people start wondering why the property was not sold earlier … are there too many defects or is the seller not motivated enough? All this actually affects the price you set and you may have to lower your price if these issues affect the sale of your home and you are in a real hurry to sell and move elsewhere.
Finally the best price to set for your home, is one which is 3% of its actual market value. This give it a 95% chance of getting sold within a normal listing period, otherwise these chances tend to decline. A higher price than this indicates that you have not really looked into the market trends and that you are not offering competitive rates. As a result people looking into buying a house within your price range will reject your house in favor of larger homes for the same price.
Labels: Almaden valley, buy, buyer, conditions, Dale, glen, homes, Jose, market, offer, price, properties, realtor, san, sell, seller, Warfel, willow
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