Seller’s remorse is not a condition you want to experience. There are steps you can take to be sure that you are getting the right price for your home and not leaving thousands of dollars on the closing table. Overpricing, underpricing or the use of an unscrupulous agent who is blowing wind in hopes of a sale, can be costly. Asking what you think it’s worth as opposed to knowing its worth, can be too. Â It takes more than hope to sell your home, it takes planning and competitive pricing.
Whether you sell your home yourself, hire an agent or use a service like Movoto, you need to know what your home is worth, yourself. It will give you a better understanding of the market you’re selling in and more confidence when it comes time to negotiate the sale of your home. It will also give you tools to use when purchasing your next home to get the best deal on it.
Valuate your Home
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Real estate agents prepare a competitive analysis to evaluate your home when you list it with them and you can do the same thing. Real estate comps are used to find your true home value by comparing it against homes like it on the market and that have sold in your neighborhood, city, or county.
Items to look for in real estate comps to determine home value are:
- Type of Home
- Location
- Lot size
- Number of bedrooms and baths
- Features
- Amenities
- Square footage
- Age
Find homes in your area that are similar to your home in the above aspects and visit them to get an idea of the competition. You will need to adjust the price of your home based on the above criteria, add and subtract feature values, such as pools, spas, larger acreage, and square footage but with a little work you should be able to arrive at a price that is fair to you and a prospective buyer.
The median price per square foot for your area can be found on Movoto and sites like it. The same applies to lot size; you need to adjust the price of your home based on acreage or square footage. A lot that is within .50 acre of your lot size needn’t be adjusted for but after that, you will need to adjust up or down for the lot price to remain competitive and get your asking price.
Be Careful not to overprice
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Over-pricing can be as bad as underpricing and has the potential to leave your home on the market longer than you want it to be there. Many prospective buyers use sites like Movoto to do home shopping which allows them to set very tight search criteria. If someone is searching in the 250,000 to $300,000, range and you have your home value at $307,500 they will miss you and you will miss them, potentially losing thousands of buyers.
Don’t underprice either
The same goes for under-pricing Often sellers who are anxious for a buyer will put a rock-bottom price on their home in hopes that it will move quickly. Well-informed buyers may see this as a red flag a shy away from it perceiving that it has problems or make you an obscenely low-ball offer that you take in fear that no one else will buy your home. Patience and planning is the best way to get top dollar for your home. If it’s priced competitively and you make it look as if it is ready to move into it will sell.
Prepare Your Home for viewing
Home staging will help you sell your home quickly. A home that looks as if the buyer could walk in with their toothbrush and the overnight bag is appealing. Removal of all clutter, clean floors, walls, tile, and a neat and tidy yard means that the new owner will not need to spend their time repairing anything before they move in.
However, be careful what you spend. Some improvements can help sell the home but weigh the cost against the return. Items with material value such as the A/C system, hot water heater, and so on should be in good repair. New appliances may be in order if yours are old or in ill repair and will give your kitchen a clean appearance.
Steam cleaning carpets, shining and polishing the floors, and painting the walls that your three-year-old has used as a canvas for his latest art will help you get your home value and make a quicker sale. Removing the odor of last night’s dinners, and pepper the puppy will also help. Pressure washing walkways, driveways, porches, and the outside of your home will give it better curb appeal and make it more inviting to buyers.
Price it right with No Regrets
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Doing your homework before ever putting a price on your home is the easiest way to avoid the regret of selling your home too low. Taking a few easy steps will not only help you get your home value it will help you sell it quickly so that you can move to your next home, with the comforting thought that you did everything you could to get the best price, and got it.
Whether you hire an agent, sell your home yourself or use a site like Movoto, knowing the steps required to get the best price will help you with the process of selling your home and get the home value that you deserve.
