When it comes time to sell your home, setting the right listing price is paramount. Setting the right price for your home could dictate the amount of time that it ends up on the market. Listing your home under market value can help you to achieve a speedy exit but you may have regrets knowing that you could have received more money for selling your home in a desirable neighbourhood. It’s usually in best practice to work directly with your real estate agent who will have knowledge of your local neighbourhood as well as prices that will work to lure in a potential buyer and keep you financially comfortable. This is a necessary process that you will have to take on with your real estate agent.
Finding the right price
A home is not something that has a definitive price. There are some research methods that you can take on to make sure that you are pricing your home in a competitive way without asking for too much money. It is very important to remain competitive especially when there are other homes in your neighbourhood that are up for sale.
If you can do some research into some homes that have sold recently in your area or some comparable areas in your city, you can work to establish a rough price for your home. Make sure to match the amenities in the homes that are sold to your own home to assess the value. A real estate agent will be able to provide you with some more guidance and see if your numbers match up.
The asking price can say a lot about your home
The price of a home is the number one concern for a buyer. The selling price is listed directly by the seller, however it will be the buyer that will eventually dictate the final sale price of the home. If you can come up with a price as a seller that is close to what a buyer may competitively submit as an offer, you can reduce the amount of time that your home is on the market and see financial gain much sooner.
A home that sits on the market for a number of months or years can have a stigma attached to it as well. Prospective buyers will eventually wonder what may be wrong with the house especially if it is priced too high or sits on the market for a long period of time. This is why pricing your house correctly is so crucial.
Using a high listing to avoid short sales
Due to the low housing inventory in the market, a fairly common technique today to avoid shortselling a home is to list a high asking price. Unfortunately, these practices can backfire, forcing the homeowner to sell the property for significantly less than their desired sales price.
In sum, if you set the right price initially, you’ll sell your home quicker by exposing the property to more potential suitors, while preventing the listing from going stale. And if you attract multiple buyers, you can actually negotiate the price higher, as opposed to the reverse, which may leave you high and dry.