How much is my home worth? Answering this question is a top priority if you want to sell your home. The best way to find that magical price point is by following these three steps:
Utilize a real estate agent’s expertise
Real estate agents are trained and experienced in finding the optimum prices for properties in their market. The agent will begin the process by finding comparable properties that sold in the area in the past 90 days. Then the sales price for those homes is averaged and used as a baseline for pricing the home. Your real estate agent will know if this number is realistic for your specific property and suggest an adjustment if needed.
Size up the competition
Look at other current listings in your area to determine the current market rate and see how your home compares. If other homes are selling for less that your desired list price, be sure you can explain the difference in price to prospective buyers. Your home will need to outshine the lower priced competition.
Why pricing is so important
Finding that magic number can be a hard task, but putting in the time and utilizing an agent can help you achieve that goal. Pricing too high can cause a property to stagnate while pricing it too low in anticipation of multiple offers can backfire. It’s important to do your research to find the perfect price point!