When you’re ready to put your home on the market, there are some steps you can take to ensure, not only that the selling process will go swiftly and smoothly, but that you’ll get the best possible price for your house.
Asking Price vs. Selling Price
Understanding the difference between the listing price of your home and the selling price is important when it comes time to price your home for the market. The asking price is the amount of money you hope to receive from the sale of your property. But there can often be big differences between the price you ask for, the actual value of your home and the selling price you finally agree upon with the buyer.
Determine Your Home’s Value
You ‘ll need the help of a real estate agent or house appraiser to determine the actual value of your home before setting an asking price and listing your home for sale. A home’s value can vary according to specific factors, including:
- the immediate neighborhood, its amenities, and proximity to schools and transit
- number of rooms
- overall square footage
- lot size
- the condition of the home’s exterior (the roof, walls, windows, and foundation)
- the existence of parking and garage
- the state of the interior (particularly the kitchen and bathrooms)
How Your Real Estate Agent Can Help
Your best defense against making mistakes in the pricing and selling of your home is to work with the right real estate agent. An experienced agent can be invaluable in helping you set the all-important initial list price for your home.
Look for an experienced agent with an excellent reputation (ask around). You want to work with an agent who can assemble a comparative market report that looks at the other homes for sale or recently sold in your neighborhood. They detail the original listing price, how much the house actually sold for, and how long it was on the market. This report is the single most useful tool for setting your home’s asking price.
Comps aside, a local real estate agent will be familiar with the local market and can answer any questions you may have about historical selling and buying patterns. Overall, they can make the whole house selling process less mysterious and more comfortable.
Set the Right Price from the Beginning
Get your home sale off to a flying start by doing the necessary research and setting the right price from the beginning. One of the biggest mistakes a seller can make it setting their price too high.
Follow the comparative market analysis done by your real estate closely. Pricing your home at $500,000 when nothing in your immediate area has sold for over $350,000 makes no sense unless the dwelling is unusually luxurious, or has extra coveted features. If the market has changed recently and demand is very high for some reason, you may also consider a higher listing price.
Many real estate agents counsel that lowering your home’s list price during the sales process will inevitably lead to a lower final selling price. Lowering the price extends the sales period and can compromise your home’s value.
Recap Tips to Keep in Mind
- Do your research
- Ask your real estate agent to assemble a comp list
- Be realistic, not emotional
- Start with the right price
- Pull the listing and regroup if there are no offers. Your list price may be too high, and it’s better to remove a listing than to let it expire.
- Be patient
Your real estate agent is the best source of information about the local community and real estate topics. Give Jon Bastian a call at 772.291.8851 or Nancy Bastian at 954.816.2061 to learn more about local areas, discuss selling a house, or tour available homes for sale.