How to Price Your Home For Sale
Selling a house involves a series of difficult decisions, particularly when it attempting to price your home. While you don’t want to aim too high and minimize your buyer pool, you also don’t want to undervalue your home and receive less than you deserve.
At Mark Spain Real Estate, our expert listing agents offer valuable market insight to price your home accurately. With top-performing home-selling strategies, our team can maximize your listing’s exposure and land you the offer of a lifetime. To kick off the listing process, you should start by setting an asking price. Read on for our comprehensive guide on how to price your home for sale.
How to Price Your Home For Sale
Conduct A Comparative Analysis
When working with a Mark Spain Real Estate agent to sell your home, they’ll begin the listing process with a comparative market analysis. Comparative market analysis provides a snapshot of recent sales from your area. Your exclusive listing agent will examine the performance of other recently sold properties in your neighborhood, also called “comparables.” Showing similarities in size, amenities, structure, and age to your listing, neighborhood comparables provide a reference point for listing prices in your area. To identify comparables in your local market, look out for the following criteria:
- The property is no less than ½ a mile from your listing.
- The property was listed within the last three months.
- The property is roughly the same age as your listing.
- The property has square footage within 10% of yours.
Comparative market analysis is also valuable in the closing process. After you accept an offer and your buyer’s mortgage lender conducts a home appraisal, the lender will often use comparable sales to determine your home’s market value. For example, your home appraisal may be affected if you accept an offer that significantly exceeds comparable sales.
Evaluate Market Conditions
Market conditions have a significant pull on how you should price your home. Real estate markets can frequently fluctuate to sometimes cater more toward buyers and other times cater toward sellers. When the supply of homes significantly exceeds the number of buyers, you’re in a buyer’s market. Conversely, if there are fewer homes for sale and an abundant number of buyers, you’re in a seller’s market.
When it comes to pricing your home, a seller’s market puts the ball in your court. Because buyers will be competing for a limited number of homes, you’ll likely be able to increase your asking price and still experience a quick sale.
However, if buyers have the upper hand, it’s best to consult an experienced real estate agent on your home’s asking price. At Mark Spain Real Estate, our professional real estate agents can help your listing thrive regardless of how the market is skewed. With a thorough understanding of market conditions and top-performing selling strategies, our team will set your listing up for success.
Set Emotions Aside
There are a lot of emotions involved in selling a home. And for many homeowners, it can be challenging to dissociate personal experiences from their home’s value. However, you must set aside any emotional attachment to your home when you go to price your home. Although memories of your home show a sentimental value, it’s crucial to be completely objective and honest with yourself when setting its asking price. It’s best to put yourself in the buyer’s shoes when valuing your home. Instead of seeing all of the memories associated with your space, act impartially and consider what would be of value to buyers/
Price Your Home with Mark Spain Real Estate
Do you want to sell your home fast but for the right price? The industry professionals at Mark Spain Real Estate are here to help you set a substantial listing price and streamline your sale. With decades of industry experience, our team of expert listing consultants will eliminate the stress from the selling process! Check out our Guaranteed Offer Program for the potential to receive a competitive cash offer on your home in only 21 days. Contact our agents today!
Buying A Home, Selling a Home