In a soft market — at what price should I list my home?
Deciding how much to sell your house for is a big decision, but it's important to get it right. If you price it too high, you may be unable to sell it. If you price it too low, you may leave money on the table.
There are a few things you can do to determine the right price for your home:
Get an idea of what you could sell for with an instant online valuation or a recent municipal property assessment. This will give you a starting point for your research.
Research local list prices of comparable homes and wider market conditions. Ask a realtor for sale prices for similar homes in your area that have sold recently. You can also look at regional trends to get a better understanding of the market.
Find experienced local real estate agents and invite at least three agents to provide you with a free, no-obligation home valuation. Agents can give you a more accurate valuation based on their knowledge of the local market and your home's specific features.
For the most accurate valuation, you can hire a certified appraiser to value your home, but you’ll have to pay for their valuation.
Once you have all of this information, you can decide on a price that you are comfortable with and that you think is realistic. It is important to remember that you can always adjust the price later if needed, but buyers will be aware of any price adjustment upward or downward. So ideally, you want to price correctly the first time.
Here are some additional tips for pricing your home:
Consider how quickly you want to sell. If you need to sell quickly, you may want to price your home slightly below market value. This will make it more attractive to buyers.
Take into account the condition of your home. If your home needs repairs or updates, you may need to factor that into the price.
Be prepared to negotiate. Buyers will often try to negotiate on the price, so be prepared to compromise.
Once you have decided on a price, you can start marketing your home. Be sure to work with a reputable real estate agent who can help you get the best possible price for your home.
