Choosing the Right Price for Your Home
After a lot of consideration, you have probably thought that now is the best time to say goodbye to your old home and put it up for sale. However, as you’re going through the process of getting a listing agent, you might stop and wonder: at what price should I sell my home?
It’s a very personal question that every homeowner must consider at some point. The answer to that question is much more complex than just picking a number from the top of your head.
We will be considering the various factors when you put a house up for sale. In doing so, you will know what your home is truly worth!
List Price and Final Price are Different
You must understand that the list price and final price are entirely different. What you list your home at might not be the price it sells for.
The final price is determined during negotiations. It’s crucial that you only accept an offer you are comfortable with. After all, this is your home.
Consider the State of the Housing Market
The state of the housing market matters a lot when you’re trying to sell your home. If you’re selling your home in a buyer’s market, your home might sell at a lower price than the price you list. But if you sell during a seller’s market, you might sell your home at a higher price than your listing price.
Remember, you have to consider this is not just the state of the general housing market. You also have to consider your local housing market.
Consider the Upgrades You Made to Your Home
Any improvements, upgrades, and remodeling will factor into the listing price of your home. However, paying $20,000 to remodel your kitchen does not mean you add $20K to the listing price.
Generally, your return on upgrades and remodels will be worth it. Your financial benefit may be influenced by what you remodeled. A bathroom or kitchen remodel may be better than a deck or landscaping. Consult with your listing agent to determine your return on your remodels and upgrades.
Check the Prices of Homes Recently Sold in Your Area
Recently sold homes is a big one! Knowing comparable home sales can help inform you how much your home is worth. Ideally, you want to look at homes similar in size to your own, in your part of town, and with similar amenities. A realtor® can assist you with a home valuation and housing comparables.
The Location of Your Home is Extremely Important
Your home’s proximity to shopping, schools and recreation will influence the number of interested buyers and your home’s value. Having a house close to the nearest city, grocery stores, and a nearby school matters a lot more than having a lovely home on the outskirts. The home’s position in the neighborhood, the city’s plans for further town construction, and the state of your community also come into play.
Your Listing Agent is Always There
Don’t be afraid to consult your listing agent. They’re part of your team! And they will give you a recommended listing price after researching everything.