Understanding The Factors Affecting Your Home's Listing Price
Posted on: 18 July 2016
One of the most important components of listing your house for sale is the asking price. If you price the house over or under the current market rate, you're likely to price it completely out of buyer interest. That's one of the reasons why it's so important to work with an experienced real estate agent to list your house. He or she will do a thorough market assessment on the house and give you a recommendation of the starting price that you should ask for. To help you understand what factors into that price, here are a few of the things that he or she will look for.
The Market In Your Neighborhood
The agent will pull sales and listing records for your neighborhood to evaluate the pricing of homes in the area that are similar to yours. It is important to look at how much the homes actually sold for, but it's equally important to consider listings that never sold as well as how long each home sat on the market. This helps to form a picture of what the real estate market in your area will sustain.
Looking at homes currently listed for sale will tell the agent what the current market looks like and what kind of competition your home will have when you list it. Homes like yours that didn't sell can provide a pricing cap that you won't want to exceed, because it shows what buyers aren't willing to pay.
The Features In The Home
Any special features that set your home apart will also drive the base pricing. For example, if your home has a built-in panic room, an in-wall entertainment center or an in-law apartment, those things will raise the property value significantly. Make sure that these features are clearly identified in the listing to justify the asking price.
Your Flexibility
For some sellers, time is of the essence and the home needs to sell fast. In those situations, a lower listing price is important for encouraging a sale. If you're not in a hurry and you can wait out the market to sell your home, you might be able to price it on the higher end of the range for your area and wait for an interested buyer.
Talk with full service real estate agents today about these and other factors that will affect how your home is priced. The more you understand about the assessment process, the more confident you can be in the listing price you settle on for your home sale.
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