3 How Much Should You Ask for Your Home?
How Much Should You Ask For Your Home? – Short Version: The current common method is to ask near what similar homes in your neighborhood recently sold for.
How Much Should You Ask For Your Home? – Long Version: The asking price of a home can be an alluring tool used in marketing. Start by knowing your home’s value. I compare it to recent sales of similar properties in your neighborhood. Allow adjustments for location, size, condition, upgrades, architecture and how well it shows.
Starting on-line, buyers will look at many homes in the same price range. There will be a reason they choose yours to view in person.
There are different schools of thought on pricing a home to sell:
a) Price it high to show your confidence in your home’s value and let the buyers offer what they will. In some cities, this practice is normal. Even if not a common sales approach for your area, I may still suggest this for exceptionally special or unique properties.
b) Price it at the exact price you believe is fair and hold fast for an honest offer. This is a conservative approach and doesn’t always get the highest price but may be the best way in cities where this is common practice.
c) Price it low and you will attract the most viewers and likely bring in multiple offers. Then let the buyers bid the price up. This strategy is seldom used in commercial property sales but is becoming common for single family through 4 unit residences, especially in higher priced neighborhoods. This should ONLY be used in a seller’s market and in cities where it is an accepted practice.
All of these work in the right scenario. My success comes from knowing which strategy is best suited for a particular property, city, price range and buyer demographic. How to play these strategies to your advantage comes from years of practice. I have 20 years industry experience.
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