Mark Uppendahl's Blog
Establishing a competitive initial asking price for your house often can be difficult. Fortunately, we're here to help you determine the ideal asking price for your home, regardless of the current housing market's conditions.
Now, let's take a look at three tips to help you set the right initial asking price for your home.
1. Study the Housing Market
How does your residence stack up against the competition? Evaluate the prices of comparable houses in your city or town, and you can narrow your home price range.
Furthermore, it helps to examine the prices of recently sold residences in your area. With this housing market data, you can find out whether you're preparing to enter a buyer's or seller's market. Then, you can map out your home pricing strategy accordingly.
2. Conduct a Home Appraisal
A home appraisal offers a valuable learning tool for a home seller. It allows a seller to receive expert insights into the value of his or her residence. As a result, a seller can get a property valuation from a home appraiser and use this figure to establish a competitive home asking price.
In addition, it may be beneficial to conduct a home inspection prior to listing your house. An inspection enables you to learn about any problems that may affect your house's value. And if you choose, you can use a home inspection report to prioritize assorted home repairs that may help you boost the value of your house.
3. Collaborate with a Real Estate Agent
If you're unsure about how to price your residence, there is no need to stress. In fact, you can hire a real estate agent to receive comprehensive support at each stage of the home selling journey.
A real estate agent is happy to help you assess your house and determine the right price for it. He or she is unafraid to be honest, and as such, will offer unbiased home pricing recommendations. That way, you can establish a competitive price from day one of the home selling journey and increase the likelihood of a quick home sale.
Also, a real estate agent goes above and beyond the call of duty to assist a home seller. This housing market professional will set up home showings and open house events to showcase your residence to prospective buyers. Plus, he or she will keep you up to date about offers on your residence. A real estate agent will even negotiate with a buyer's agent on your behalf to ensure you can maximize your home sale earnings.
Perhaps best of all, a real estate agent will respond to your queries throughout the home selling journey. If you ever have home selling concerns or questions, you can simply talk to your real estate agent and receive expert support.
Take the guesswork out of pricing your residence – use the aforementioned tips, and you can set a competitive price for your home in any housing market, at any time.
Although location is one of the most important factors that will impact the marketability of your home, it's not the only thing prospective buyers are thinking about.
If they're organized, focused, and serious about finding the right property for their needs, they've probably developed a detailed checklist of "must haves" and a "wish list."
In all likelihood, those who are working with a real estate agent are being shown properties that conform to their requirements and many of their wish-list items. A comprehensive list would include everything from the number of bedrooms and bathrooms they want to square footage and the quality of the school district.
Many people also have specific preferences about features like floor plans, amount of storage space, the size of the backyard, architectural style, and the availability of a fireplace, patio, porch, deck, eat-in kitchen, two-car garage, and privacy features. Some are even looking for the traditional white picket fence in front of the house!
While your home can't be "all things to all people," it is highly recommended to target the widest possible audience. Your agent, a home staging consultant, or a home decorator can provide you with valuable tips on how to achieve that outcome.
Stand Out and Get Noticed
Just looking good on paper, though, is not always enough to attract motivated buyers. Prospects need to love what they see and be inspired to envision themselves living in your house. Doing what you can to create irresistible curb appeal is one vital aspect of making a great first impression. A manicured lawn, a fresh coat of paint (if needed), and some strategic home staging -- inside and out -- can make all the difference in your results!
Curb appeal is vitally important because that sets the stage, so to speak, for creating high expectations in your prospects. Once you get them in a positive frame of mind, they'll be more inclined to notice all the positive aspects of your home. If your house meets all or most of their requirements and is arranged in a way that's pleasing to them, a purchase offer and negotiations may be right around the corner.
One of the most crucial hurdles to clear in getting prospects to consider buying your house is to help them imagine living, relaxing, raising a family, and pursuing their interests in your home. Your real estate agent can help you effectively stage the interior and exterior of your home to make it inviting and appealing to the widest range of potential buyers.
You can support their sales and marketing efforts by making sure your home is always clean, fresh smelling, and ready to be shown at a moment's notice to house hunters. Doing your best to eliminate clutter, keeping counter tops neat, and making sure pets are on their best behavior (or happily frolicking at the local "doggie daycare" center) can play a key role in winning over interested buyers and successfully selling your home!