A home is a costly purchase, and many homeowners want to make sure that they are getting the best possible price when selling it. If you’re in this situation, you must take the time before listing your house for sale to determine your property’s accurate value. To do this, you need to set up a comprehensive pricing strategy that considers everything from location, the total amount of the closing costs, to the size of the lot. In our blog post today, we will outline how to get started with determining the price of your home before placing it on the market.
Research the Market and Find a Realistic Selling Price
When a homeowner is trying to determine a fair price for their property, they need to consider the current market conditions. It means that you’ll want to compare your home’s value against those of other homes currently on the market as well as ones from recent sales to get an accurate idea about how much it will sell for. As part of this research, be sure to look at what homes in your area have sold over the last year.
Factors in Repairs and Upgrades
A home that needs repairs or upgrades will generally sell for less than one move-in ready. So, if you intend to do some repairs and upgrades before listing your property, it’s essential to consider this when pricing it. The cost of the work that needs to be done should be added to the value of your home. On top of that, it’s essential to understand that the amount you invest in repairs and upgrades will be directly related to how much money you can get for selling your property quickly.
Calculate All Closing Costs Involved
To determine the price of your home, you should also factor in any closing costs that will be involved if it’s sold. For example, there is a commission due when selling a house and this could add up quickly depending on how much money needs to be paid out. These commissions have been known to reach as high as six percent of the sale price in some cases. Other costs that may be involved include transfer taxes, title insurance, and moving expenses.
Speak With a Real Estate Agent
Of course, you don’t have to do all of this research on your own – a real estate agent can help! They will be able to provide an accurate estimate of what your home could sell for and give you some guidance as to what improvements should be made to get the best return on investment.
All in all, several factors go into pricing a home correctly before putting it on the market. By following the tips we outlined in this blog post, you’ll be well on your way to getting your property sold for the right price.