4 Bottom-Line Tips to Decide: What Is the Value of My Home?
Do you want to price your home to sell fast?
Your home is more than just a bunch of rooms under a roof. It’s the space where many wonderful & priceless memories were made. But when selling your house, don’t factor in these thoughts, the question is: What is the value of my home?
You aren’t selling your memories; you’re selling a house.
This is where an agent can help. You’re the one who will set your listing price, but your agent has the expertise and local knowledge to advise on how to price your house so it doesn’t languish on the market.
#1 Don’t Go High Out The Gate
You think your house is great. The problem is sellers often think their house is so great that they list at too high a price and miss the window of sales opportunity that comes with a new listing. By listing too high, you lose your most important leverage and timing, you can miss out on all those buyers!
The longer your house sits on the market, the less likely you are to get your asking price. Because buyers expect there’s a deal to be made on a house that’s been on the market for months.
If something doesn’t move in the first 30 days or so, people start thinking they won’t have to pay full price any longer.
#2 Don’t Assume Upgrades Will Get You A Higher Price
Research from the NATIONAL ASSOCIATION OF REALTORS® shows you might recoup 59% of your costs, based on a national average, on a complete kitchen upgrade. Just because you put $65,000 into your kitchen renovation doesn’t mean you can list your home for an additional $65,000.
#3 Don’t Set A Dollar Amount You Need To Make
Pricing your home so that you will make a certain amount of money is the wrong approach.
The number you have in your head may not be in line with the market. This is where doing research on the housing market comes in handy, and listening to your head rather than your heart.
#4 Don’t Let Emotions Get The Best of You
For most people, selling a home is emotional. Regardless how many years you live there, you usually become attached to it. It’s important not to let your emotions drive you to price your home move than it’s worth!
Listen to your agent on how to price your home. Their cool-headed knowledge of the market and real estate inventory will be a wiser guide for pricing than your irrational love for the bay window in the living room, the restored hardwood floors, and the way the light shines in your beloved sunroom in the morning.
Pricing can’t be an emotional thing, base it on a market analysis, which is why an outside perspective is important.”
When you ask yourself, ‘what is the value of my home,’ think with your head, more so than your heart.