How can you be sure that you’re setting the correct asking price for your property when pricing your home? You want the highest return on your investment, and you want the house to sell as quickly as possible. Because the real estate market is always changing, it’s a good idea to consider the following things before you set the final asking price for your house.
Complete Your Research
Checking your previous tax statements is a good way to get a base idea about the value of your property. You pay a percentage of the estimated property’s value for taxes. Of course, this doesn’t consider the human element that is needed when figuring out the true home value, but it’s a good place to begin your research.
Use an online home value estimator to get an idea of home value when pricing your home. Many real estate websites offer these calculators. You input information such as your name, email address, and home address to get an estimate. Consider this to be initial information that doesn’t factor in all the other things that impact home value. Still, it gives you something to compare to the home value amount you have from tax documents.
Choosing a Real Estate Agent
When you consider everything that you know about the real estate market, you may find that you lack the proper information. Selling your house is more than just placing a sign in the front yard and showing the house to a few potential buyers. There are legalities and special circumstances you may not be prepared for if you try to move forward without a real estate agent on your side. A real estate agent has the experience and knowledge you need to have a successful transaction with less stress.
Your real estate agent provides you with a complete report that gives you an accurate idea of what your property is worth in today’s market. They consider upgrades you’ve made, other homes recently sold, neighborhood amenities, and other important factors. Remember that the asking price is what you hope to receive from the sale, but the selling price is what a seller is willing to pay. Getting these two amounts as close as possible is the goal when pricing your home. Your real estate agent will advise you on the best way to make this happen.
Use a Professional Appraiser
Before you set the final asking price, you may want to hire an independent appraiser to give you an accurate number. This is not the same appraisal that comes after you receive an offer and accept that offer. That appraisal is typically ordered by the lender. An independent appraisal can help you understand what adds to or decreases the value of your property. Potential buyers may see your willingness to invest in this appraisal as a selling point because you took the time to make sure you were setting a fair asking price.
Detaching Emotionally When Pricing Your Home
The memories you have on your home are priceless. Unfortunately, you can’t use them when you’re setting to asking price. As difficult as it may seem, you will need to set aside those emotional attachments and see things from an objective standpoint that considers your research, the advice from your real estate agent, current real estate trends, and information gathered from the appraiser.
Leave room for negotiations because there are no guarantees once you set the asking price. Choosing a real estate agent with strong negotiation skills is one of the keys to success.
The best source of information about local communities and real estate topics is your real estate agent. Give Joshua or Kelly Norber of the Norber Real Estate Group a call today at 248-785-3737 to learn more about the area, discuss selling your house, or tour available homes for sale.