How To Determine a  Price For Your Home

When you place your home on the market, pricing it properly is essential. If you price it too low, you may sell it quickly, but you can potentially lose out on thousands on dollars in profits. On the other hand, if the price of your home is set too high you likely will not have much interest from potential buyers. A qualified real estate agent is experienced in analyzing housing market trends, and he will be able to guide you in setting the price right. The following factors should be considered before you decide on a price:

• Comparable Sales- Understanding the current housing market is important when making decisions in regards to putting a price on your home. Looking at what other homes in your area have sold for over the last couple of months will give you a good idea of how much buyers are willing to pay.
  
  
• Condition of the Home- Buyers are willing to pay more for a home that has been well taken care of and updated. If your home needs a lot of work or expensive repairs, you may need to price it lower in order to attract buyers.
  
  
• Location- No matter how nice your home may be, location is an important factor when it comes to pricing. Some neighborhoods are more desirable than others, and the price you set for your home should reflect that.
  
  
• Upgrades and Amenities- Making upgrades to a home can be costly, and buyers appreciate when a home has already been improved. Replacing linoleum with custom tile, or installing granite countertops increases your home’s value, and buyers are usually willing to pay more for homes that already have these amenities.
  
  
• What the Home Appraises For- It may be useful to have your home appraised prior to putting it on the market. This can prevent you from pricing your home for more than it is worth in the current market.

Don’t be hasty when making decisions regarding the price you want to list your home for. Getting the price right the first time will allow you to avoid price reductions, as well as keep your home from sitting on the market.

AS985