When trying to sell your home, the most important thing sellers have to get right is pricing their home so that it will sell. There are several different methods you can use to determine the ultimate sale price of your home. However, it will depend on your home and the state of the housing market in your area.
Here are some tips and tricks you can use to set the selling price of your home and help you get the highest return on your investment as possible.
1. It’s not wise to over price your home hoping that you might stumble upon a buyer who doesn’t know the prices of the current market. That just doesn’t happen. Overpricing your home could cause your listing to go stale and cause potential buyers to speculate that there’s something wrong with your home and that’s why it’s not selling.
2. Under pricing your home can sometimes be a viable option depending on the market in your area. If you price your home below market value, that will sometimes attract several serious buyers at one time. Due to the demand, buyers will often try to outbid each other. This can ultimately result in a higher than asking price offer because each buyer knows they will be bidding against other serious buyers.
3. Ask your realtor to look at expired and withdrawn listings to see if they can spot patterns as to why those homes didn’t sell. Were there common factors or was it just that they were a discount brokerage that may not have spent the necessary money marketing those homes. Whatever the reason, use that information to prevent your home from becoming an expired listing.
4. The tried and true method and the preferred method for most realtors and sellers is to look at a list of comparable houses in your neighborhood that have sold over the last six months. Make sure they have similar square footage, age, amenities, etc. and use that information to price your home according to what the current market will allow.
5. Check the pending sales in your area. Ask your realtor to contact the listing agent and ask what that home was sold for. Some of them will divulge that information and some won’t. However, your realtor can look at the days on the market and how many price reductions there were before the home was sold. You can use that information to properly price your home so that it will sell quickly.
If you’re selling your home, you’ll need a good escrow service. Brighton Escrow in Hermosa Beach, CA has been helping the people of Los Angeles and Southern California with all their escrow needs since 1971. Contact us today and allow us to show you how we can help you protect your funds and documents throughout the sale of your home.