What’s the worst thing that could happen when you list your house for sale?
Obviously, your fear is that it won’t sell. If you find yourself in that situation after listing (or you’re looking for ways to avoid it), I suggest that troubleshooting should start by putting more serious consideration into your pricing.
Setting the right asking price for your home requires more than getting a Zestimate and, in many cases, it’s helpful to get more than one appraisal. It’s essential to nail this step because your listing price could mean the difference between selling and getting on with your life vs. waiting around for months, struggling to get an offer.
To help you get your house listed correctly, here are three things to consider when putting together your price:
- Get Multiple Comparables: A Realtor would assess a property’s value by looking at the most recent comparable market data for homes sold in a neighborhood using the MLS. I recommend getting in touch with a realtor after you generate your own figure to compare your findings. You should also physically examine the exterior and the interior of your property, review architectural styles, renovations, views, landscaping and neighborhood zoning. Take note of everything because it will all come into the equation.
- Compare Your Home’s Original List To The Final Sales Price: Determine any price reductions from that purchase as a ratio of list price to actual sold price. Ideally, compare this ratio with at least three other nearby properties that sold at market value.
- Pay Attention To Neighborhood Barriers: Major streets, freeways or railroads can affect your property value and if you haven’t factored them into your list price, you’ll have problems selling quickly. Speaking of barriers, make sure that you compare your home’s value to others in areas with the same level of affluence. A common mistake is to compare your home with geographically-close neighbors who are technically “on the other side of the tracks.”
Now that you’ve looked at these critical factors, you’re ready to list your house on the market at a reasonable price. If you have any other questions or you’d like help getting your home sold for the highest value, email me at judymartinsells(at)gmail(dotted)com, or call 301.208.2288.