If you’re considering placing your home up for sale, you’ve probably already experienced one of the most difficult parts of the process: determining the price. Setting the asking price for your home – the number that potential buyers and their real estate agents will see when they view your listing – is a critical decision that can drastically alter the ease and speed of your sale. If the price is too low, you won’t maximize the value of your investment; if it’s too high, you may not be able to sell your home for months. Below we’ll share some advice in regards to setting the price of your home when it goes up for sale:
Key Considerations when Determining Your Price
It’s critical to begin with a simple truth: when you’re selling your home, the market will set its ‘value’ – the highest price a qualified, interested buyer is willing to pay at the specific moment in time when they make their offer. There are an enormous number of factors that can play into the market value of a home, including the condition of the home and property, current market trends, recent sales of comparable homes in your community and throughout Columbus, local amenities and even the buyer’s emotions. Keep in mind that the main goal in the pricing process is to analyze as many contributing variables as possible in order to maximize both the number of offers and the final sales price.
Overpricing: One Mistake You’ll Want to Avoid
While some individuals believe that it’s better to ‘test the market’ with a high initial listing price, the converse is typically the truth. Asking too much from the start is a costly mistake that can jeopardize your sale entirely, leaving you with no choice but to accept ‘low-ball’ offers. It’s important to remember that most properties receive the highest amount of interest and exposure within the first few weeks; in this time, serious buyers and their agents will be viewing your listing and deciding whether or not to pursue the sale. If the price is out of their range – or just deemed inappropriate or even silly – then they will bypass the listing and are not likely to return. In addition, many buyer agents will be highly reluctant to bother with properties they deem overpriced, so that will limit you further.
A Real Estate Agent Will Do the Heavy Lifting
Don’t forget that your best resource for determining the right price for your home is a qualified real estate agent. Our agents are paying close attention to the market here in Columbus, and are aware of the asking and selling prices for homes of every size throughout the city – including those local to your home.
Our professional home sales team is happy to assist you with the pricing and sale of your house or condo. Contact us at your convenience and we’ll share how our unique approach to real estate marketing will ensure that your home quickly begins to receive serious offers. To learn a bit more about the home sales process, be sure to download our Home Seller eBook which is loaded with information and tips. Thanks for visiting and we look forward to working with you!