How to Price Your Home to Sell

One of the biggest worries about selling your home is wondering if you priced it right. How do you know what to ask for your home so you can get a fair price and sell it quickly? Here are some tips on pricing your home to sell.

Look at the comps, which are the similar homes in your neighborhood that have sold recently. This will give you an idea where to start pricing. You can also visit any houses that are currently for sale, to see how they compare to yours.

Don’t rely strictly on square footage when you look at comps. You need to know details about how the home is laid out, what features are inside, and any upgrades to get an accurate idea of price.

In most cases, the person who buys your home is going to have a mortgage. That means that your home’s appraised value must be at least the sales price. Keep this in mind when you are setting your price, so you don’t price your home too high. If the appraisal comes in lower than the sales price, the buyer won’t be able to get a loan for that amount.

Your emotions need to stay out of the pricing process. The price of your home shouldn’t include how much you paid for the house, how much you enjoyed living there, or the fact that your kids grew up there. You’ll need to base your price strictly on what your house is worth today in your neighborhood.

Don’t overprice your home. Unless you are in a really hot market with very low inventory, you will just end up lowering the price on your house, which will send a signal to buyers that it was overpriced. Likewise, pricing your home under market value to encourage multiple bids can backfire, if there is a lot of inventory or homes are not selling fast in your area.

The most important step in pricing your home is to talk to your Realtor®. A qualified real estate professional knows what’s going on in your neighborhood and can advise you on the best pricing strategy for your home.

Are you ready to sell your home? If so, contact me today. I’ll give you a market analysis to determine the value your home, so you can be sure to price it right for the local market.

Patty Ross 
831-236-4513 
pattyre@comcast.net
www.pattyrosscarmel.com

Click here to listen to Patty discuss the latest trends in Northern California Real Estate including the communities of Carmel, Carmel by the Sea, Carmel Valley, Marina, Monterey, Pacific Grove, Pebble Beach and Seaside

Photo courtesy ponsulak, FreeDigitalPhotos.net.