Among the key things to consider when selling a house is determining its appropriate price. Unfortunately, many sellers tend to make mistakes when pricing their homes. When the price is unreasonably high, the buyers may choose lesser priced homes to purchase. Again, when the price is lower than it should, the home seller might end up taking a loss. Below is an outline of the underlying factors that you ought to consider when pricing your home.
Asking Price vs. Selling Price
The initial stage of pricing a home is determining the asking price. It is crucial that you differentiate the asking price from the price of sale before you advertise your home for sale. While the two terms are different, many first-time home sellers think that they are the same. They imagine that the buyer will offer the price that they ask for when advertising the house for sale. However, this is not always the case. The asking price is the amount of money that the sellers state when listing the home for sale. It is also called the listing price. On the contrary, the selling price is the amount at which the house finally sells. With such an understanding, it is possible to settle for the best price that your home should sell.
Determine Your Home’s Value
The value of a home keeps on changing from time to time depending on the changes in the neighborhood and real estate market. You might not sell the house at the exact value that you paid. Determining the value of your home helps you in coming up with the right asking price. Gathering information on similar sales can help you know the current value of the house. The most appropriate way of valuing your home is employing the services of a professional appraiser. Your real estate agent can provide a comprehensive report that helps.
How Your Real Estate Agent Can Help
Your real estate agent knows the real estate market. Because this is their business, they understand what steps to take and which to avoid. The agent will not only advise you but also help you in pricing your home. It also becomes easier to find a buyer when working with a real estate agent. In your search for an agent, choose one with a positive sales record. The agent should be somebody who is trustworthy, communicates at a high level, and is a strong negotiator.
Set the Right Price from the Beginning
Before listing the home for sale, it is important to ensure that you have established the right price. Previous research has shown that homes that are put on the market with a given listing price, then changed later sit on the market longer, ultimately selling for less than other similar homes. Setting the right home price from the beginning speeds up the selling process. It also eliminates any chances of making losses and gives the buyer a perfect opportunity to prepare for payment especially if the buyer intends to use a mortgage loan. A wrong price would inconvenience the buyer.
If you keenly consider the above factors, you are assured of setting the best price for your home.
Your real estate agent is the best source of information about the local community and real estate topics. Give Dragonfly Group AZ a call today at 602-820-8876 to learn more about local areas, discuss selling a house, or tour available homes for sale.