You want the highest return on your investment when you’re selling your house, but how can you be sure that you’re setting the right price for your house to sell? You shouldn’t reply on your emotional attachment or the actual amount you’ve invested when setting the price. The real estate market is always changed. For this reason, there are several things you need to consider before setting the asking price.
Use an Online Home Valuation Calculator
It’s easy to find an online home valuation calculator that will give you an estimate for your house. These calculators ask you to put in your address, information about your house, and in return you get a rough estimate of the value. This is a good place to begin your research, but keep in mind that it doesn’t account for other factors that have an impact on the value. Speaking with a professional real estate agent is the best practice for getting an accurate home value estimate.
Your real estate agent will provide you with a Comparative Market Analysis (CMA) that will take into consideration things like homes recently sold in your area, upgrades you’ve made, and market factors. They will take a look at things like schools in the area and other things that go beyond the scope of the online calculator.
Asking Price vs. Selling Price
Asking and selling price are two different things. An asking price is what you want to receive from the sale of your home. A selling price is what a buyer is willing to pay for your house. The difference in the two is why it’s important to be strategic when setting a price for your house. Set the price so that the buyer is willing to pay what you are asking.
Research is key when it comes to setting the price. Tax statements are a wonderful resource and provide valuable information on the percentage of taxes that have been paid according to the property value. This will give you a foundational idea of what your house and property is worth. You’ll consider other factors when setting the asking price, but this is a good place to begin.
Get an Independent Appraisal
Hire an independent appraiser to give you an estimate of the house’s worth. This is not to be confused with the appraiser that will come in once an offer is placed on your house. That appraiser is typically secured by the lender to assess the current value. The appraisal you get from the independent appraiser is an investment on your part that helps you with setting the asking price, but it can also be a selling point to potential buyers.
Detach Emotionally
Your house is most likely the place where you’ve made many memories. Special celebrations happened within those walls, you may have raised your children in that home, but you can’t base the price of your house on those things. It’s important to detach emotionally when setting the asking price. Know that your home is priceless to you when it comes to memories, but you can’t attach a dollar value to them for the sake of pricing.
Your real estate agent will help you compare your house to others in the neighborhood that are for sale. Be proactive and go on an exploration around the neighborhood. Note similarities and differences between their homes and yours. Keep these things in mind when pricing your own house. Using this information, along with the information from your real estate agent will provide you with an advantage.
Leave room for negotiations when you are setting the price. Set yourself up for success by doing your research and trusting your real estate agent’s knowledge and experience. Doing these things will help get you closer to receiving the price you set.
Call Rene Burchell today at 469-877-3303 to discuss how she can help you set the correct asking price for your house.
