You can sell your house at its appraisal value or slightly above or below. However, the right price depends on a range of factors, including the type of house and amenities, condition of the house, location, season, market condition, etc. Some will offer cash for houses that are as-is.
The set listing price is not always the final price. It can increase or decrease with changes in the market.
For instance, if the market is very competitive, you may need to decrease the price to attract prospective buyers. On the other hand, in a sellers’ market, there may be bidding wars that lead to a higher price.
This article will discuss how to determine how much to sell yourself for.
There are several ways to establish how much to sell your house. It is best to use multiple methods in your pricing strategy.
Valuation is a great tool for finding out the value of your home. Hire an appraiser to assess the entire house and establish its value. They value the house depending on its location, size, features, condition, and sale price to similar properties in the market.
The appraisal value is an estimate and does not have to be your final price. However, if done by a professional who is well conversant with the real estate market in your area, it can be a good presentation of a competitive price range.
There are numerous online home value estimator tools you can use to guide you on how much to sell your house for. They are designed to use machine learning algorithms to assess and compare your house specifications against a wide range of publicly-available real estate data.
Therefore, you will be required to provide some details about your house, including property size, home square footage, number of rooms, location, qualities and features, property tax valuation report, price history of the property, etc.
The CMA is the most commonly used tool by real estate agents for setting the price of a house. It is a comprehensive real estate report for a given area. Real estate professionals use it to compare your property against other properties.
The comparison is based on the size and age of the property, locations, amenities, upgrades, number of rooms, and conditions of the house.
If you are already working with a real estate agent, they may do the CMA for you for free. However, if not, they may charge $100-$250 to analyze you.
Setting the sale price for your house can be a complex and confusing process for individuals. Therefore, working with a real estate agent to determine the most suitable price or price range is a good idea.
Homeowners tend to overestimate the value of the house, resulting in overpricing. However, real estate agents are more objective and will help you set a price that reflects the house’s true value while enabling the property to sell faster. They also have the tools, expertise, and real estate market information to set the right price.
Even as you work with a real estate agent, do your own research on the market trends. Visit various listing services and check out what similar properties are selling for. How long have they been in the market? What is their price history?
Also, read real estate news and professional articles specific to your area and country. It will help you notice any change in trends, such as the transition from sellers to buyer’s market and vice versa.
Then discuss your findings with your real estate agent to ensure you agree on the most suitable pricing strategy.
If you know other homeowners in your area who have listed or recently sold their houses, talk to them to find out how they went about pricing.
Ask them to share any insights they might have gained or mistakes they made that you can learn from. Compare how much they listed the house for and the final sale price and determine what influenced variance—if any.
Don’t set a price at which so many other properties have been listed. It makes it difficult for your house to stand out from similar properties in the area.
Rather, look at the current real estate inventory and identify the price range for properties similar to yours. Then, identify a price point that is not crowded. This is referred to as price banding.
Even so, avoid obscure pricing. For instance, list the house at $299,999 rather than listing it at $300,000. Similarly, instead of listing at $347,764, go for $347,000 or $345,000. To improve the visibility of your property online, list the house within the popular buyer search ranges.
For instance, if you list the house at $203,000 yet popular ranges for similar houses is $150,000-$200,000, potential buyers will not see your house in their search results.
The process of selling a house is costly. There are several costs involved that eat into your proceeds. While some are optional, others are mandatory.
If you want to make a profit on your sale, you want to factor in the real estate transaction costs in the sale price. However, if they inflate the price of the house too much, they will reduce the competitiveness of the house in the market.
Some costs to consider include staging, real estate agent commission/realtor fee, marketing, repairs and upgrades, prorated property tax, capital gains tax, HOA fees, mortgage repayments and interest rate, escrow fees, and amount owed.
Most of the strategies discussed above work best for a traditional sale. However, for certain types of sales, such as foreclosure and short sales, you may have limits on how much you can sell the house for. The court may dictate the sale process in the case of a short sale or lender in the case of a foreclosure.
Even if you have leeway to establish and negotiate to set the price, with or without the help of a listing agent, a majority of the proceeds from the sale will go towards debt payment.
In both scenarios, setting a price to maximize profits is not the priority as long as the final sale price is enough to offset or pay off a significant portion of the mortgage balance.
Another option would be to get a cash offer on the house as is. The cash buyer assesses the house and determines how much to offer you for it. If the house has any issues, they offer to buy at a lower price than your listing price to enable them to shoulder the problems.
However, if it is in good condition, they assess the prevailing housing market to determine a suitable buying price. They may likely buy at fair market value.
You can set the price of your house at whatever number you deem fit. However, if it is not within the fair market value, you may sell at a loss or have difficulty finding prospective buyers.
As such, the process of determining the right sale price for your house is strategic. Use multiple methods and consult with a professional. Remember, the number you come up with is not cast in stone. You can decrease or increase it within the fair market value range to enable you to maximize your proceeds and sell fast.
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