If you don’t understand the ins and outs of pricing your home to sell, you can run into problems that will cost you time and money. If you price your property too high, you can risk having your house sit on the market without a nibble. If you price your house too low, you risk losing money on the sale. Making sure you have the price set correctly right from the start is one of the keys to a successful transaction.
💲 Asking Price vs. Selling Price
One of the most important things to understand is the difference between the asking price and the selling price. The asking price, also known as the listing price, the amount of money you hope to receive from the sale of your house. This price is based on the information you gather about your home’s value and the advice of your real estate agent.
The selling price is the amount of money that a buyer is willing to pay for your property. These two numbers can differ greatly if your price is not set correctly. Ideally, you want the two amounts to be as close as possible or the selling price to be higher than the asking price.
🏡 Determine Your Home’s Value
A good place to begin when you’re wondering about the value of your property is an online home valuation calculator. By adding a few basic pieces of information, you’ll receive an estimation that is based on general data for your area. While this is a good place to begin gathering information, you’ll want to contact us for a comprehensive home value report.
🙋♂️ How Your Real Estate Agent Can Help
We’ll take the information about your property and consider other factors like recently sold homes in the area, current market trends, and any upgrades you’ve made to the home. We’ll also let you know if there are things you can do to maximize the value of your property.
Once we’ve determined the value of your house, we’ll offer insight on the proper way to set an asking price so that it gets the attention of potential buyers. When it comes to this part of the process, it’s important to understand that there is a science to setting the price so that it falls in the right price range category for the area in which you live. You don’t want to alienate potential buyers by setting the price in the wrong price range where even a few hundred dollars can make a difference in placement.
💵 How to Set the Right Price from the Start
Selling your home can be an emotional experience for many people. It’s not unusual for these emotions to show up in full force when you’re trying to set the asking price. It’s best to try and remain as detached as possible during this process. We understand how difficult this can be. After all, you have memories that you cherish, and your home has probably been the center of your world for a while. We’ll do our best to serve as an objective voice when your setting the right asking price.
You’ll also want to consider any repairs that are needed to your house or property when deciding on the listing price. If there is something that needs extensive repair, like a roof, you will want to consider that and set the price accordingly. Otherwise, you may be required to accept a lower price if an inspection returns with a less than favorable report.
👥 How to Manage the Negotiations Process
When you receive an offer on your property, you have three options. You can accept the offer as it arrives. You can decline the offer, or you can send back a counteroffer. Keep in mind that we’ll be there to represent your interest, so you won’t need to work directly with those making the offers. We’ll bring the offer to you and deliver your answer. If you decide to accept the offer, we’ll move forward towards closing day. If you decide to send back a counteroffer, we’ll be ready to visit the negotiations table on your behalf. Let us use the years of experience we have in negotiations to help you get the best return on your investment.
We would love to represent you in the selling of your house and develop a marketing plan that helps your listing reach as many potential home buyers in the area as possible. We take the success of your sale seriously!