One of the most important factors when it comes to selling your home is the price you choose to sell your home in Washington at. If you are ready to put your home on the market, though you are unsure how to price your home to sell, there are a few things you need to consider.
If you price your home too high, you risk not getting any buyers invested. After a few weeks of sitting idle on the market without any hits, your home will grow stale and people won’t want to buy it. If your price your home too low, on the other hand, you risk losing out on some well-deserved profit.
To learn how to price your house to sell properly, you must do a comparative market analysis, which will help you to find the best range for your home.
It Doesn’t Matter What You Paid For Your Home
Many homeowners already have their prices in mind and they base it off of how much they paid for their home to begin with. In theory, this type of thinking makes sense. However, the market most likely changed from the day that you purchase your home, meaning the original price that you paid for it doesn’t matter anymore.
Always make sure to start out with a blank slate when pricing your home and don’t take into consideration what you originally paid for it, as it won’t help.
Doing a Comparative Market Analysis (CMA)
“Comps,” otherwise known as comparable sales of homes sold in an area similar to your home, are important when it comes to pricing a home. A comparative analysis will include the number of days a home was on the market, as well as the selling price of that home.
If you end up working with a real estate agent, he or she will give you a comparative market analysis. However, make sure to double check the CMA if you can.
If you plan on selling your home without a real estate agent, you may still be able to hire real estate agents to get a CMA. You may also consider getting in touch with an independent appraiser, as they will be able to provide you with your home’s fair market value.
Price Your Home Based on the Current Market
The first thing you’ll likely find out from your comps is whether the market is a buyer’s or seller’s market. If plenty of homes in your area are on the market, it has likely become a buyer’s market and you’ll have more competition. On the other hand, if homes are selling fast or yours is one of the few on the market, you might be able to price your home higher.
Use Value Range Pricing
Your house will never be worth more than what a buyer is willing to pay for it, no matter what your comps are telling you. Sellers often price their homes with what we call value range tactics. The price you get with value range tactics is the amount you would sell your property for if the buyer would pay for your house right now.
Of course, you should always leave some cushion for yourself no matter what the market looks like. Make sure to get in touch with us here at HelloPad if you want to sell your home quickly.