By Nicole Romero
•
July 20, 2024
One of the most critical aspects of selling your home is pricing it correctly. Grab a notebook and your favorite pen, and let's get started! 1. Location, Location, Location! The adage holds true—location is paramount when pricing your home. If your home is in a popular subdivision within a sought-after school district, its value will be higher compared to a house near a busy road or commercial buildings. The desirability of your location plays a significant role in determining your home's market value. 2. Condition of the Home The state of your home significantly impacts its value. Issues like shabby carpet, wood rot, worn floors, rickety doors, and ripped screens should be addressed before selling. A well-maintained home reassures buyers, making them see it as low maintenance. Most buyers prefer move-in-ready homes unless they’re looking for a fixer-upper, which typically sells at a lower price. 3. Competition in Your Neighborhood The competition in your neighborhood affects your home's value. If a nearby house is listed for $650,000 and has updated kitchens and bathrooms while yours does not, you'll need to price your home accordingly. Consider the condition, square footage, and market time of nearby listings to determine if they're priced appropriately. Buyers will compare your home with others in the area, so be mindful of your competition. 4. Recent Sales History Examine comparable homes in your neighborhood that have sold within the past 3-6 months. These sales provide a realistic idea of what homes are selling for, their time on the market, and how they compare to yours. If there aren't recent comps or your area has low turnover, you'll need to broaden your search parameters. This data is crucial for setting a competitive and attractive price. Pricing your home correctly is vital for a successful sale. By considering these factors, you'll be guided to a price that makes sense. It's also essential to work with a real estate agent who can honestly assess your home's value. I’d love to offer you a free, no-obligation seller consultation to discuss all these factors.