If you’re selling a home, picking a good asking price can mean the difference between a quick sale and a real estate investment that sits on the market for weeks. Here are a few tips to help you decide the best sticker price for your property:
- Look at other houses nearby. Your primary yardstick when gauging how much to ask for your real estate investment should be the other homes in your neighborhood. How much are they going for? A competitive price is necessary to lure in buyers who are interested in your location, and if you undercut your neighbors by just enough, you could find yourself closing a deal months before they do.
- Factor in your amenities. After you establish a median property value for homes in your neighborhood, the next step in determining your own home’s worth is to consider what separates your house from the rest. How much larger or smaller is your home compared to the other houses? Do you have a finished basement? A pool table? A pool? All of these things will add to your property value.
- Listen to a real estate agent. If you’re selling through a realtor, as many people do, run your estimated price by him or her and get some feedback. Since they do this for a living, real estate agents will be able to provide an educated opinion on the value of your home. It’s best if you can both agree on a price before listing your real estate investment on the market, but do keep in mind that your agent’s estimate is, in the end, an opinion.
Pricing a home can be tricky. If you sell too low, you’ll lose thousands in profit. If you set the asking price too high, you could be condemning your home to months on the market. By following these simple steps, you should be able to find a “sweet spot” that will guarantee you a quick sale at the highest possible price.
