Things To Consider When Pricing Your Home - Central Ohio Real Estate Blog

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Things To Consider When Pricing Your Home

If you are looking to sell your home, the most important thing to remember is that you must price your home correctly!

Unfortunately, potential buyers do not care about how long it took you to pick out the perfect hardwood floors or the number of landscapers you interviewed to get your yard looking just right. To the buyer, those items may not matter to the value of the home, even if you think they should.

Here are some rules you should remember when pricing your home to sell…

Price is king. Your asking price will determine how long your home will sit on the market. If you price your home too high, this may reduce the number of interested buyers which will cause your home to sit on the market for a longer period of time. An increased number of days on the market can cause potential buyers to think that something is wrong with your home.  Make sure to avoid these outcomes by not overvaluing your home.

On the other hand, if you price your home too low, it may create skepticism and raise unwanted questions about your home’s true value. This can hurt you if multiple offers do not end up driving up the price of your home to its true market value.

Use comparable sales. The easiest way to figure out the right price for your home is to compare similar homes that have sold in your neighborhood. Compare your home to those with the same number of bedrooms, bathrooms, and square footage. Be sure to make sure that your comparison is fair. It is important to take into account if certain neighborhoods are more desirable than others and your home’s location.

By hiring a real estate agent, they will be sure to gather all of this information for you to help you list your home at the very best price.

Check the market history. To get a more comprehensive picture of the market in your neighborhood, check the listing history of a home. Compare the original asking price with the final sale price and note the amount of time the home was on the market. A real estate agent can help you with this step.

Consider special improvements. It is important to consider the major improvements you have made in your home and whether or not they warrant a higher asking price. Have you remodeled your kitchen and installed new hardwood floors? Do you feel like the unique woodwork details will clinch the sale? Don’t be surprised if you don’t get as much money as you expected, sometimes improvements do not always recoup their cost.

Don’t ignore supply and demand. In a buyer’s market, with many homes for sale and sellers competing for attention, you may want to ask a bit less for your home to make it more attractive to potential buyers. In a seller’s market, where there is little home supply and much buyer demand, you may want to ask a bit more and maximize your profit.

If you have any questions about selling your home or pricing, call us today at 614-855-8700!

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