Determine the Right Selling Price for Your Home

One of the challenges to selling one’s home is figuring out how much to sell it for. You’ll naturally want to profit from your investment; at the same time, you need to know the right pricing strategies to make sure you are selling at par with current real estate market conditions.

The Groesbeck Group prepared these tips to help you come to that selling price that will not only get the most homebuyer attention but will also give you a handsome return on your investment.

Keep your emotions in check

You lived in your home for a good number of years. You made good memories here. But don’t let these emotional attachments affect your pricing strategy. Keep in mind that you’re dealing with a business transaction. Thus, concentrate on what your home can offer the potential buyer, as well as market conditions in your neighborhood and the state as a whole to come up with a reasonable price tag. 

Study the comps

Comparable sales or comps are useful tools for sellers to determine the right pricing for their property.  The basic idea here is to research for other recently sold properties similar in size and amenities with your house in your neighborhood. The average price at which these were sold can give you an idea of how you can price your own home.

When doing comps, look into the following parameters:

• Location. Proximity from your home to other similar properties should be within a quarter to a half-mile radius. 
• Up-to-date listing. Homes sold in the last six months or less are ideal for your comps. 
• Number of bedrooms and bathrooms. As mentioned earlier, homes to consider in your comps should be similar to the home you’re selling, especially in terms of amenities. Note that the more bathrooms and bedrooms a home has, the higher the price.
• Amenities. Pools, spas, outdoor kitchens, and walk-in closets can command a high price tag. If your home has these special perks, you can look for the same features in other houses to be considered for your comps.
• Square footage. You can include homes that are within 25% of the square footage of the property you are selling. If your house is 1,500 square feet, look for similar properties between 1,100 and 1,800 square feet.

As you search for other homes to include in your comps, you can also look at online listings and other websites like Zillow, Trulia, and Realtor.com. 

Your real estate agent can actually gather a list of comps for you. These local professionals know the area long enough to be able to provide comprehensive comps in the shortest span of time.  

Get a comprehensive market analysis

You can also ask for your agent’s help to provide you with the CMA. This is a detailed report of all recent sales concluded in your area; including the type of homes that are actually selling, days on the market, sale prices in relation to list prices, and more. Not only will your agent be able to secure a copy of this report, but they will also be able to explain the jargon and graphs for your easier comprehension of the data.

Check the competition 

Sometimes, it’s best to do your own sleuthing of another home in your area that’s also being put on sale. Your agent can suggest some houses within the vicinity of your place. But since open houses are very rare these days due to the COVID-19 threat, checking these out via virtual home tours can be a great alternative.

Being aware of the competition and how your property stands against the other houses in the market can provide you with ideas on what to improve on to add more value to your home and to make it stand out.

Review past sales

While you are looking at comps of recent listings, you might as well review the past sales of homes in your area. The recent listings identify your competitors while past sales in your area give you some hints on how to price your home.

Get a pre-selling appraisal

You can have your home appraised even before putting it on the market. This is especially helpful if you’re having difficulty finding other homes for your comps or if the real estate market in your area is going through rapid upswings or downswings, making it difficult to zero in on a good price for your home. 

A property with a price tag backed up by results of a pre-selling appraisal gives you more leverage in negotiations. You can be more confident in defending your selling price, knowing that this has an official recommendation from a professional. 

Find the best agent to work with you

It cannot be emphasized more that an expert real estate agent’s support can make all the difference in setting the best price and giving valuable tips for selling your home Thus, if you are elling a house in Washington State you can trust The Groesbeck Group to serve your best interests. Call them today at 360.941.3734 or email Info(at)JeanGroesbeck(dotted)com.