If you’ve ever tried to price a home, you know that it’s not an easy feat to do so. Your realtor will recommend a price for your home, but it’s ultimately up to you to decide what you would like to price the home. Here are the factors you should take into consideration when you’re pricing your home:
If you don’t need to sell your home quickly, you have time as a tool. You can always list your home at a higher price and then move it down to a standard price if it’s not selling after a certain time period. You will be able to use the “price reduction” to appeal to other people and become a marketing tool.
Multiple Offers Aren’t Guaranteed.
You may think that if you price your home low, you will receive multiple offers or have offers that are higher than the asking price. If you price your home low, you must be prepared to only have one offer at that price. Therefore, you will need to take this into consideration before you make any decisions.
Agents are Important.
For the most part, agents do not want your house on the market any longer than it has to be. If your agent wants a lower sale but still agrees to the higher price listing, he or she might not have your best interests in mind. A high-quality real estate agent will take your lead on the higher pricing but will ultimately initiate a price conversation after a few weeks of not selling.
Assess the Real Market Value.
The real market value of a home is what a seller and buyer agree to in a home sale transaction. This value won’t be known until the end of the real estate process, however. If the home sells too quickly, there’s a good chance that the home wasn’t priced high enough. If you have a lot of interest and several showings from multiple buyers, you likely hit the pricing right on the head. Just because a buyer makes an offer, however, doesn’t mean that he or she won’t request home repairs or credits.