Pricing Your Home to Sell
Realistic pricing is a major factor in the marketability of your home and key to a quick sale. The most common mistake sellers make is setting the price too high. An overpriced house not only won’t sell, it may not even attract offers, so you won’t have the opportunity even to make a counter offer.
There are several steps you can take to understand the market value of your home:
- Research homes that have sold in your neighborhood in the last six months. Include sales that are within one half mile of your home, and look for homes of similar size.
- From that list, compare homes that are of a similar age and square footage.
- Pay attention to any physical barriers that may divide your neighborhood. Major streets or transit lines may affect house prices on either side.
- Other factors that may affect the price of your home include its location. Is your neighborhood a desirable area? Is your home close to shopping, schools and recreation facilities?
- Pay attention to school district lines. Two similar houses in different school districts may get very different prices.
- If you intend to list your home with a real estate professional, interview at least three who specialize in your neighborhood. Ask each one to give you a comparative market analysis and their opinion about the appropriate price range.
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