Many homeowners expect a quick and simple transaction when it comes to selling their property. But occasionally, something happens that makes things much more urgent, like a job offer from another state or a personal emergency.
If you’re in this situation right now, there’s something crucial you need to remember: pricing your house to sell quickly doesn’t have to mean accepting a lesser offer than you’re committed to. Pricing is a science and an art, and there are a number of elements you should take into account when setting the all-important asking price. So, here’s what you need to know:
Don’t Get Too Creative With Your Listing Price
Sellers sometimes try to be imaginative with their listing price. For instance, a property worth between $750K and $800K is sold for $787,777. Like a home painted purple, such an unusually distinctive figure draws attention to itself without cause. Frequently, buyers will ponder the seller’s selection of that number. People start to wonder about the seller’s identity and other things.
With that in mind, it’s ideal to make the vendor barely noticeable, if not completely hidden. For this reason, we recommend sellers clear out all of their personal belongings and paint their interiors a neutral hue. The objective is to reach as many people as possible while showcasing the property, not the vendor. Changing up your asking price will defeat this tried-and-true tactic.
Not Pricing It Too Low
Some house sellers employ the tactic of undervaluing their properties in order to attract attention and even start a bidding competition. Sellers that need to urgently sell their property also use this approach.
However, if you undervalue your home, you risk losing a substantial sum of money. Some purchasers could be discouraged by a discount price because they might worry that the home has hidden issues that they would inevitably regret later on.
Thoroughly Review The Comps Provided by Your Agent
Your real estate agent will do a comparative market analysis (CMA), which examines nearby comparable deals, or “comps,” to establish the worth of the house.
Comps are houses that are recently sold in your neighborhood that match yours in terms of size, amenities, structure, and age. Real estate experts and house evaluators utilize comparable properties (comps) as a point of comparison for the target home before making financial changes based on market variations. Furthermore, the analysis will include important characteristics that increase or decrease value.
Step Into The Mind of The Buyer
What qualities do you look for in a house? Is it the spacious yard, the modern kitchen, or the view? Your customer probably appreciates these same characteristics as well. The best approach is to discuss current buyer patterns with your agent as today’s granite countertop could be yesterday’s avocado-green shag carpet.
It will be more difficult to sell a property with an interstate view than one with a mountain view. Your home’s pricing should reflect how it stacks up against the other properties on the market. Since no property is flawless, buyers will identify issues with it. However, it’s interesting to see how quickly issues are resolved when the price is right.
Regardless of whether you’ve been considering selling your house for months or just recently, the process could be overwhelming and stressful. For your convenience, there are more resources available right now than ever before.
Make use of social media to promote your listing. Do some advanced research. Detach yourself emotionally from your home, determine its value, evaluate it against similar properties on the market, then list it. That’s all there is to it.