Pricing a home is one of the most challenging aspects of the home selling process. Price your home too high and it could discourage buyers from purchasing your property. On the other hand, price your home too low and while you’ll have more offers, you’ll end up getting the shorter end of the deal.
If you’re still figuring out how to properly price your home, here are several valuable tips that can help:
-
Use online home valuation tools
Online home valuation tools make a good starting point in determining your home price. Many real estate websites such as Zillow, Realtor.com, and Redfin offer home estimates based on your complete address. While these online tools give you a general idea on how much your home is worth, it’s best not to rely on them too much.
-
Look at similar homes sold in your neighborhood
Also known as “comps,” comparable sales show prices of recently sold homes in your neighborhood and give you an idea on the average selling price of properties similar to yours. These comps are chosen based on their location, square footage, age, amenities, and the number of bedrooms and bathrooms. Comps are useful because they can help you come up with a competitive price for your property.
-
Scope out the competition
To get a better idea of the kind of properties you’re up against, take a look at the homes for sale in your area. You or your real estate agent can even visit these homes and assess these in person. By scoping out the competition, you can take note of what they’re doing and not doing, and use it to your advantage.
-
Hire a home appraiser
The most accurate way to know your home’s worth is to hire a home appraiser. These professionals are licensed by the state and they can help you determine your home’s value. Home appraisers can also recommend any home improvements that can increase your home’s value.
To find a home appraiser, head to the Appraisal Institute website and search for the ones located in your area. Just make sure that you work with a credible appraiser who is familiar with your neighborhood.
-
Understand the market trend
The price of your home should also depend on the current housing market trend in your area. It’s important to determine if you’re in a buyer’s market or a seller’s market. A seller’s market allows you to price your home above market value while a buyer’s market may need you to do the opposite.
If you’re having difficulty understanding the current market, just ask the real estate agents in your area for a housing market analysis or a market snapshot. This analysis is a real-time multiple listing system (MLS) overview that reports the current average asking price, average sold price, average days on the market, and the number of homes for sale in a certain location.
-
Do the necessary home repairs
To further increase the price of your home, make sure that your property is in top condition. Assess your home for areas needing repairs or upgrades.
Sell your home for top dollar with the help of HUNTER REAL ESTATE GROUP. The team has over 20 years of knowledge and experience in the Houston real estate market. Call them today at 713-572-0824 or send an email to trace(at)hunterrealestategroup(dotted)com.