Pricing your house correctly can make the difference
between a quick full price sale or a house that sits on the market and gets
stale. But how do you determine the
price to list your house at? The closer
the list price of your house is to market value, the more likelihood of you
receiving your price. Market value is
defined as the highest estimated price that a buyer would pay and a seller
would accept in an open market. The
market always tells the truth, that is why houses that are over-priced will
never sell, while other homes that are priced competitively for the market will
receive multiple offers. If the key is
to price your home as close to market value as possible, determining market price is critical.
Remember the list price of a home is not always the price that the home sold for. The price could be much lower of higher than the list price, which would affect what price you decide to list your house for. Market value can be estimated by looking at comparables of houses that have recently sold in your area. For an active market there shouldn’t be any problem finding comparables, however in less active markets some adjustments will have to be made. Comparables should also be the same location, style of house, age, within close proximity and have similar feature.Take your time looking at all the comparables it will help you determine a price that is closest to market value and net you top dollar.
Author: Raine Laing, MBA | Sales Representative
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