How to Price Your Home for Sale

HOME VALUE

Evaluating your home value can be done in several ways. You will want to work with your realtor to asses the other houses in the neighborhood. Review the selling prices of recently sold homes, and take into account any necessary or new upgrades. Listed below are important things to take into consideration when pricing your home to sell:

    • Ask a realtor for advice and a home evaluation.

      home value

      • Realtors provide an essential service to help you on your quest of selling or buying your home. They have expert advice and a deep understanding of the current real estate market. More importantly, they have access to specific housing information that is not provided to the public. This is why working with a realtor is more successful than selling your home on your own. For an introduction to market evaluations, check out our previous post: What is a Market Evaluation?

 

    • home valueMake sure the market timing is right.

      • You can find market reports online through the Okanagan Mainline Real Estate Board. These can give you an idea of whether home sales are strong or weak and if you should consider waiting before you sell. Be sure to go over these stats with your realtor as they can explain discrepancies, such as weak home sales due to a lack of inventory.

 

    • home valueFind out what the housing demand is in your area.

      • If your neighbor’s home has been on the market for a while, the demand in your area may be low and you will need to price it accordingly if you want a quick sale.
      • Find out is it is a buyer’s market or a seller’s market. If there are way more homes for sale than there are buyers you will need a good strategy – and a good price – to sell.

 

    • home valueSee what is trending.

      • Check to see if your neighborhood is up and coming or maybe has a bad image. These things can greatly affect the demand from potential buyers. Do some online research and ask a realtor for current trends in your area. If your neighborhood is in demand, you may be able to get a better price for your property.

 

    • home valueMake necessary upgrades before you list.

      • Today’s home buyers are savvy researchers who have been educated by the internet and endless amounts of real estate TV shows. They will pick your home apart and try to drive the cost down on things that need to be upgraded. Kitchens and bathrooms are the main selling features of every home, so if you are going to invest in upgrades do them in there.

Consider trying strategic pricing. For example, if the houses in your neighborhood are dropping in price by 2% per month, and you would like to sell your home in 2 months, then drop your price at the start 4% lower. This way you will not have to drop the price over time and have a competitive edge. Pricing your home incorrectly will cost you extra money so contact Quincy Vrecko and Associates and take advantage of our expert advice.