When we put our home on the market, all of us want the best price for it. However, many sellers do things which drag down their home’s price, thus making them end up having less money than what their home really deserves. Making an offer on your home can be intimidating and includes a lot of risks too. That’s why you should play your cards carefully before setting the right selling price for your home. Simply put, it’s all about picking the right price tag for the home. Here, we present some key factors that you should consider before putting your home for sale at the appropriate price tag.
- Market: One of the major factors that controls you home’s price is the housing market in your vicinity. Remember that it can be significantly different from the housing markets of your city, state or nation. If you find that there’s a high demand but not that many homes for sale up in your vicinity, you can think of setting a higher price. However, if you find there’s an excess of similar homes, you should price it extremely competitively.
- Condition: Condition of your home significantly impacts your home’s price. Most of the buyers don’t want to purchase fixer-uppers. Thus, it’s advisable to set the price little lower if your home has deferred maintenance and significant repair issues. Alternatively, if you can wait and afford, you should engage a home inspector who’ll be able to provide you a complete report of everything that requires maintenance, upgrading or repair. Then you can work with your real estate agent to prioritize the items, call the service providers, get the jobs done and ask for a fair price.
- Location: This is one of the biggest deciding factors for a home’s selling price. In fact, identical homes situated just a couple of blocks apart from yours can significantly lower or higher the price. Availability of location specific conditions like freeway-access, traffic, views, sun exposure, crime, noise, vacant lots, neighboring homes, surrounding rentals, access to high-end schools, shops, parks, restaurants etc always help to bring a higher value for your home. Otherwise, it’s advisable to lower the price, especially if your home is situated in a less desirable area or has its vicinity full of nuisance.
- Dirt and grime: If the yard of your home is unkempt, your home is messy and the home’s windows are grimy, most likely you’re not going to get the best price. Majority of the purchasers will have difficult times getting past the initial negative impression. Additionally, if you’ve a dark first floor or compartmentalized rooms for sale, those too would bring the price down. Potential buyers want bright, open and airy homes. If your home has a number of small or dark rooms rather than a standard and larger open space, it means that your home would be considered as less desirable and you should set the price lower than the average.
Now, when you’ve understood the four key factors that significantly contribute when it comes to setting the selling price of your home, work with your real estate agent and set the price judiciously, which would help you to sail through the deal smoothly.