When selling your home, the goal is to obtain the highest possible price.
What Should You Sell Your Home For?
Pricing your home correctly with your agent is crucial. It’s the “Goldilocks effect”. Price it too high and you take a risk of discouraging offers from buyers. You then may need a price drop to gather up buyer interest. Price drops are sometimes viewed as a red flag. Buyers may wonder if there is a problem with the home.
Price your home too low and buyers may question your home’s condition and if there are problems at that bargain-basement price.
Price Your Home in the Center – Not Too Low and Not Too High
By pricing at the correct market value you’ll increase the chances of getting strong offers for your home. Right out of the gate, you will attract buyers and there may be a bidding war. If that happens, you will end up with an even higher final sale price. (Another perk is that your home should sell quickly in this current real estate market.)
How Your Agent Prices Homes To Sell
Your agent takes several things into consideration when pricing a home:
- The current values of homes in your neighborhood. (Your agent runs “comps” of recently sold homes and will generate a comparative market analysis to review pricing with you.)
- The current demand for homes in your area.
- The condition of your home also affects its current value.
Upgrades and Renovations To Your Home
Any renovations and upgrades to your home may add value, but not always. It is doubtful you will receive the full dollar amount that you spent. Remember, the potential buyer will not care how much sweat equity you’ve put into your home and its improvement.
Be sure to talk to you agent about what improvements would be best to improve the sale of your home. (It may be necessary repairs, staging or some curb appeal tweaks.)
Talk to your favorite Sibcy Cline agent here.