One of the most important steps to selling your home is setting the asking (or listing) price. Set this price too high and your home will sit on the market with few nibbles. Set this price too low and you end up losing money on your investment. There are several things to consider when pricing your home to sell.
Asking Price vs. Selling Price
The asking price is also known as the listing price. This is the amount of money you’re hoping to get from the sale of your property. In order to set this price, you’ll want to know the value of your home and seek the advice of a real estate professional. In the end, however, the price you choose is your decision.
The selling price is the amount of money that a buyer is willing to pay for your property. If there’s competition for your home, you may find that this amount exceeds your asking price. That’s not a bad place to be. Rather than coming in below your asking price, you want the amount of the selling price to be as close as possible to the asking price.
Determine Your Home’s Value
To get a basic idea of your home’s value, it’s a good idea to use our home value calculator. You’ll input a bit of information and receive an estimated value of your property. While this is just the first step, it will give you some insight as you move forward.
We’ll provide you with a more comprehensive report that takes other factors into consideration. We’ll look at the current real estate market and trends. We’ll consider other homes that are like yours that have recently sold in the area. We’ll also consider any upgrades or renovations you’ve completed that may impact your home’s value.
How Your Real Estate Agent Can Help
We’ve already mentioned the comprehensive report we’ll provide to help you determine the value of your property. Once we have the comprehensive report, we’ll take it a step further by sitting down and looking closely at your competition. This is where we can save you valuable research time because we have the information at our fingertips. We’ll check the last three months of sales and see which homes were sold at listing price, which homes had to lower their price, and which homes brought in more money than their asking price.
How to Set the Right Price from the Start
We’ll off you the best advice based on our experience and knowledge of the real estate market for this area. However, it’s always your decision to set the listing price. There is something you’ll want to consider in addition to the value of your property.
Emotional attachments and memories do not hold a monetary value. For this reason, it’s a good idea to set aside emotions and try to remain objective when setting the asking price. Thoughts about your investment of time and emotions can create a desire to increase the price that is based on sentimental attachments. Remember, setting the asking price too high can result in your property sitting on the market. You’ll save time and money by remaining objective during the price setting stage.
How to Manage the Negotiations Process
When offers arrive, you’ll have the choice to accept, decline, or send back a counter-offer. If you accept or decline the offer, things move forward in a straight-forward manner. However, if you choose to respond to their offer with an offer of your own, we’ll be visiting the negotiations table on your behalf. That’s right. We’ll be doing the work for you here so that your days are spent as stress free as possible when it comes to the home selling process.
We’ll use of skills and experience on your behalf and come back with an answer. The potential buyer will either accept, decline, or send back a second offer. At this point, you’ll have the final say. If you have more than one offer on the table, you may need to consider each carefully. It’s wise to consider financing options and check to see if the buyer is pre-approved for a mortgage loan. It may be in your best interest to accept a cash offer over a financed offer. We’ll discuss each offer with you and point out pros and cons with each offer. Again, the final decision is yours when it comes to accepting an offer or negotiating with a buyer.