You've decided to sell! Exciting times lie ahead.
But how do we get there? A major step is deciding how to price your home accurately. Here are 7 tips on how to price your home.
1. Don't get emotionally involved. The agent is only presenting data based on current market trends. More often than not, sellers think their property is worth more than it actually is.
Don't get defensive.
The agent is trying to help you maximize the sale value and avoid having your home on the market for a long time.
2. Determine how long you want to wait for your house to sell.
3. Use sales data based on that length of time. If you want to sell in 90 days, look at comparable houses that have sold in the same time frame. If you have a 3-5 year plan, look at the 3-5 years sales data.
4. Once a price is established, have your agent calculate the "absorption rates" at various price levels. Absorption rates tell us how many houses sell in that price range in that location in a period of time.
5. Adjust the asking price based on how long you want to take to sell and what the absorption rates indicate. Different price ranges will yield different days on the market (DOM).
6. When an offer arrives in the first few days, don't be surprised: you did your research. Well done!
7. If you don't get inquiries and offers, the price may be too high and/or the listing reach may not be broad enough; get your listing in front of more sets of eyes.
You've done most of the heavy lifting! Now sit back and let your REALTOR® bring prospective buyers to your doorstep!