When an owner prepares to sell their home, the biggest question to answer is what price should they ask? All too often they come to their conclusion based on how much they “need” to walk away with the profit margin they want OR they arrive at their answer after looking at data that doesn’t really give them the full picture. Neither approach does anything to helping them sell their house fast— or for the most money.
Here’s a much better approach:
#1 Look at what similar houses in similar neighborhoods have sold for during the past six months. And look too at what nearby houses have sold for in the price range you think your house might fall into. This info will tell you what has recently happened. And unless something has changed in the market, this info will give you a very good idea of what your house will could sell for.
#2 Look also at the same type of houses as above, that were offered for sale during the past six months and were removed from the market because they didn’t sell. You may find that these were priced too high, or that the owners started with a pricetag way to high and scared everyone away. Or you may find that they were priced too high for their condition or location.
#3 Review carefully each house currently for sale that will be a competitor. Obviously you want to be priced lower than those competitors that are larger, more updated, etc. than your own. And, you’ll likely want to be priced higher than those your house is “better” than (so that you don’t leave any dollars on the table!).
If you’d like help digging out this data and making heads or tales of it- just let me know.