When the time comes to sell your home, determining a price will have a significant impact on how long it will take to sell. If it is priced too high, you could actually end up losing money in the long run if it sits on the market too long. However, pricing it too low means losing out as well. With the help of a qualified real estate agent, you can take into consideration all the factors that go into setting a good price. Here are a few things to think about when it comes to pricing.
Home Pricing Using Comps
One of the most significant factors when it comes to pricing your home is comparable sales. This is commonly referred to as “comps” by those in real estate. The idea is to find the prices of homes that are similar to yours in your area that have sold recently. When analyzing comparable sales it is important to assess the features of the home, as well as, the square footage. The homes should be in the same location as yours, or at least within the same school district (if possible) as pricing relates to the local market. It is also best if the homes that are analyzed have sold or are pending as of the previous three months if possible.
Status of Your Local Market
Another factor to take into consideration is the status of the real estate market in your area. If for example, there are many homes similar to your up for sale in your area, your price will likely need to be lower than if there are few homes. This is the difference between a “buyer’s market” and a “seller’s market.” Your real estate agent should have a good understanding of the market and be able to advise you regarding pricing. For help selling your home in or around Brookfield IL contact Brookfield IL Realtor Agnes Halmon.
Condition of Your Home
The results of the inspection will reveal the true status of your home. Are there repairs that need to be made? How about renovations? What is the condition of the roof? Each of these will affect the price. For the most part, buyers want a home to is ready to move into. This is particularly true with the millennial generation. Thus, when maintenance is needed negotiations can result in lowering the price. It is recommenced that this step of the process be handled by the Realtor who is trained in negotiations.
One last factor to consider when pricing your home is how well it conforms to current trends. That hip shag carpet may have been appealing in the past, but won’t go over well with today’s buyers. This factor is one reason sellers will renovate their kitchen before selling. This room is the most popular and can really impress potential buyers when it is up to date with current trends. For more help preparing your home to sell contact Brookfield IL real estate agent Agnes Halmon!