Pricing your home perfectly is the most important factor when you’ve decided to sell your house. If you overprice the property, you may lose the potential buyers, by the way, the look and freshness of your home will turn out within three or four weeks of showings.
Pricing your home too high can be a mistake, but for quoting a low price don’t worry because you’ll receive multiple offers over the asking price. You can use a comparative market analysis (CMA) and comparable home sales in your area to help you know about the market value.
Talk to your real estate agent, or check out the Federal Housing Finance Agency’s house price calculator if you’re in need of help.
Here are a few easy tips for effectively pricing your house for a quick sale,
Create a Comparative Market Analysis
When you’re a beginner in pricing your property and ask for help from an agent they will tell you that the first step for selling any property is to ensure it is priced properly.
The best tool to price the property is creating a comparative market analysis. It’s rather easy for an individual to create. While agents have access to the multiple listing service (MLS), the sellers can use free tools such as Zillow to estimate this information.
You must know the sale price of your neighborhood homes that have the similar square footage, similar bedrooms and landscaping features.
If you can, find out how much these houses sold for, and how long it took the house to sell. Compare those listings with ones that didn’t sell to see if they were priced too high from the start. You must pay a fee to local government offices or the MLS to collect this information, but you can do it yourself.
Contact an Appraisal Company
Another easy way to know the value of your property and effectively set pricing for your house is to have an appraisal company inspect your property.
They will use more or less the same techniques for selling the house as real estate agents to gather information about previous home sales in your area. They also use their vast experience in appraising local properties’ value to come up with a solid value price.
This is not an actual price to sell your property. It just ensures that your property is worth. Hiring an appraisal company can often cost between $500-$1000 for the inspection. It will provide a good baseline to effectively price your property for a quick sale.
Work with a Real Estate Investor
The above two options require a lot of work and money to spend. There are a few reliable and trustworthy companies who will purchase homes and provide a quick sale of their property without getting a large percentage of their profits. This reduces your stress, ensures you receive true market value for your home and helps you get the cash quickly to use for down payments.
Use the above tips and price your property for a quick sale.