They key to selling a home quickly is the right price. Whether we’re in a buyer’s market or a seller’s market, the thing to remember is that houses are only worth as much as they sell for. Here are a few things to remember when trying to come up with your list price:
1. Get the research
Get your home appraised or have your agent pull the comps for your home before you determine a list price.
2. Distance yourself
It’s difficult to be emotionally detached when selling your home, especially if you’ve lived there for a long time. But you need to remember that your buyers do not have that kind of sentimental attachment. Emotions should not inform your price, just stick to the facts.
3. Get out of the past
Just like emotions can’t inform your price, neither can the past. Forget what you paid for your home, or what your neighbor down the street sold their home for a few years ago, or even last week. If you have to sell your home in today’s market you may not see the kind of appreciation you were banking on when you bought your house. If selling is what you need or want then you need to let go of the past and remember that you need to price your home to sell in today’s market.
4. Don’t pick the highest price
Pricing too high will most likely cost you in the long-run. Choosing a lower price than you were hoping for might be a difficult reality to face, but if you don’t price right for the market in the first place you will be forced to drop your price anyway, and at that point you will be chasing the market which is most often fruitless. Plus, with all of the real estate websites that allow buyers to access pricing information with a few swipes of the mouse, potential buyers will know that you’ve dropped the price and may be able to sense your desperation to sell. In the meantime, whether or not you move, you’re still saddled with the mortgage payment.
5. Adjust if necessary
No matter how much research you have backing you up, if your home isn’t selling, it’s not priced right. If there has been interest but no offers, ask your agent to find out why. Your agent can talk to other agents to find out what they liked and didn’t like about the house and what they thought about the price. Find out what buyers didn’t like about the house and change it if necessary. If it’s not possible to make adjustments based on feedback, then you should think about lowering the price accordingly.
As a general rule of thumb, houses that are priced right sell within 3 months of hitting the market. So, do your research, distance yourself, and adjust your price if necessary to get your home sold!
Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-856-6434.