When it comes to pricing your home or land estimate, it involves a few different pieces put together that finalize the most suitable price for the property. Pricing too low will get your home sold; however, you will not see great returns on your money. While pricing your property too high can lead to it sitting and never selling. The obvious is finding that perfect balance, but for sellers, its finding that highest possible price.
Check Your Local Area
Before requesting an agent to price your home, check the local active listings in your area that closely match your home characteristics. For example, if you have a 3 bedroom 2 bath home, with 2,100Sqft, then try and find a property close to that. If none are active, search the recent sold listings in your area and perhaps that will provide the needed information to find out your beginning price. This way you now have at least a view of where its at. It is also a good tip to check the local tax appraisal websites to view the appraised tax value of land and property for the address.
How is the Market?
Even though the market can be slow or fast, pricing is important when knowing what kind of market your area is experiencing. For instance, if your area is selling homes with low average day on the market listings, then it might be possible to have a higher than normal price for your property. On the other hand, if the local market is slow, then it might be better to price your home estimate on the lower end, this way you might be the first to catch peoples attention for the value your property provides from all others.
What Does Your Realtor Say?
If your realtor is far from what you think your price of your home should be, that is okay. Either check with another realtor, or check recent sold homes similar to yours to make sure you have a good understanding of the price of your home. If they think you should list it far lower than you think, maybe reach a middle ground, at least there is a start.
They should also know whether or not you are in a rush to sell, because if so, then no point on listing for a low price. Instead, list the property at a higher than normal average price and let it sit a bit longer to extract just a little bit more from your property.
I hope you have gathered great information to sell your home or property for the highest amount possible. It involves checking your local market and recent similar sold properties, knowing the type of market you are in (buyers or sellers), and finally what does your Realtor say? By knowing these top 3 items, you will be far more aware of the true price of your home to get it sold at a price you want!