You may have some idea in mind about the value of your home, but without the proper information and an objective look, you may find yourself running into issues that cost time and money when setting the asking price. Your house can sit on the market too long and cause people to lose interest if the price is high. You can lose money on your investment if the price is low. Let’s take a closet look at the best practices for setting the asking price right the first time.
💲 Asking Price vs. Selling Price
It’s important to know that the asking price is much different than the selling price. The asking price is also referred to as the listing price. This is the amount of money you want to receive from the sale of your property. The asking price is set based on the value of your home and other factors.
The selling price, or sale price, is the amount that a buyer is going to pay for your home. While the amounts can differ greatly depending on circumstances, you ideally want the selling price and the asking price to be as close as possible or for the selling price to be higher.
🏠 Determine Your Home’s Value
Using an online home valuation calculator is a great place to start when you’re wondering what your home is worth in today’s real estate market. By putting in some basic information, you’ll get a bae idea of the value. This base value doesn’t take into account all the things needed, but it does give you a starting point. What you’ll want to have on hand next is a comprehensive home value report from a real estate agent.
🙋♀️ How Your Real Estate Agent Can Help
When the Hoagland Group puts together a comprehensive report about the value of your property, we look at things like any upgrades you’ve made to the house, recently sold homes in your neighborhood, and current real estate market statistics. We have years of experience that we put to use to help you get an accurate home value.
Once we have a solid idea of the value of your home, we’ll get started helping you come up with an asking price that appeals to potential home buyers in the area. There is a special consideration that is needed when setting the asking price that many people miss. Your price must be on target to hit the buyers who are looking for your house. A few hundred dollars too high or too low can place you in the wrong price search range for some buyers. Details like this can make all the difference between a successful sale and a home that sits too long on the market.
💵 How to Set the Right Price from the Start
You may have lived in your home for a long time, and it’s understandable that you are emotionally attached to the property. After all, memories are powerful and can influence the value that you place on the home. Unfortunately, those memories do not attribute to the value for potential buyers. You’ll want to remain as objective as possible during the process of setting the asking price. We’ll be right with you to offer an objective voice, as well.
If your property needs some repairs, you’ll want to consider those when setting the listing price. Potential buyers may be willing to accept your asking price if they know it allows for the cost they will need to put into the home for needed repairs or upgrades.
📝 How to Manage the Negotiations Process
Once offers arrive, you will either accept them, reject them, or send back a counteroffer. If you send back a counteroffer, the buyer may want to negotiate a compromise. We’ll go to the table with your best interest in mind and do our best to work out a deal that provides you with the best return on your investment. The final choice is always yours when it comes to negotiations and decisions about offers placed on your property. We’re there to be your voice and provide you with advice based on our experience and knowledge of the real estate market.
We look forward to working with you through the home selling process. We’ll help you put together an appealing asking price that gets attention. Then, we’ll work out a marketing plan that get your listing in front of as many buyers as possible. We use social media, online listings, and traditional real estate tools to make your sale a success.