When you’re planning to put your house for sale. You need to set your asking price ahead of time to make sure that your price is in the ball park. By knowing what’s the market condition and the comps in the area when selling your home in Pensacola, you will obviously want to get a great price for it. However, you need to set your asking price just right, because you don’t want to price too high, and scare off potential buyers, nor do you want to price too low, losing out on thousands of dollars.
Selling your home in Pensacola takes some leg work and some due diligence to have the best outcome for you and your family.
There are a lot of things that can affect the speed at which you can sell your home. One of the most important factors if it’s not the main factor is setting the correct asking price. This is the reason why I wrote this article to better assist you in selling your home at the right asking price to get you going fast to where you need to be.
Here’s the thing. And I’m going to repeat this again because it so important. If you price your home too high, you will scare potential home buyers. On the other side of the coin, if you price your home low, you will leave money on the closing table without even having the chance to say goodbye in case you didn’t know until long after the selling of the home.
How about never saying goodbye to your money and taking it with you after closing? I think we’re going with this option because it sounds much better! In this blog, I will share some tips to help you to set the right asking price so we can just achieve this goal. Let’s move on, shall we?
There are proven methods and strategies we would like to share in this article. Keep reading to learn how to set your asking price.
Know Your Market To Set Your Asking Price
Look at similar homes sold in your area. The best way to know at which price you should list your home is by looking at the homes recently sold in your area. This will help you understand and justify your asking price especially if the houses sold in your neighborhood were at the high-end range.
This is also known as conducting a comparative market analysis (CMA). A CMA will help you determine how many comparable homes have sold in your area.
you can ask a couple of realtors for a more detailed CMA. (Comparative Market Analysis.) Many realtors will offer this free of charge, as a marketing technique. Requesting a CMA should not put you under any obligation to the realtor. Who knows, they might even have a buyer for you.
Do some research and find out what comparable homes are selling for in your area. Take a look at seasonal trends, and if you have the time, list your house at a time of year when prices are typically higher. Look up homes that are actively listed on the MLS, Zillow and for sale by owner sites.
Take note of how long the properties have been listed.
If you’re selling your home in Pensacola and your home has been on the market for awhile, it is likely priced too high. Think about supply and demand, if there are many homes on the market, buyers will be at an advantage.
Consider your home’s unique features
Keep in mind that not all homes are created equally. You might have some features in your home that other homes in the area don’t have.
For instance, if your home has a newer roof, a larger backyard, or a renovated kitchen, these features could increase its value. However, if your home is in need of repairs or updates, you may need to adjust the asking price by reducing it to compensate for those repairs or updates that the house needs.
Set Your Asking Price And Be Realistic
You might have a price in your head of what you want to get for the home, but make sure this price is realistic. Buyers are savvy, and depending on your market, they may have a number of options.
They want to get a good deal and find a value just as much as you want to get a good price for your house. The trick is to find that sweet spot. You don’t want to price your home too high and have to make multiple cuts to the price.
These price drops will show on the MLS, and repetitive price changes can make you look desperate or indicate that something may be wrong with the house. A good rule of thumb is to allow for only one price drop if absolutely necessary.
To make sure your asking price is based in reality, it might be beneficial to have a professional appraisal done.
Work with a real estate professional
Real estate agents are experts in the local housing market and have an extensive network of buyers and sellers. However, you need to pick the right agent not just an agent. Not all agents are created equal either. I promise. You need an honest agent your benefit as a homeowner to sell your house is greater to that agent than the commission he/she is making from the sale.
Don’t ignore the competition
When you set your asking price, it is important to consider the competition in your area. Price your home according to what other homes in your area or in your neighborhood are priced for. And to give you an edge. Price your home competitively. If there are few homes for sale, you may be able to price your home higher.
Be willing to make adjustments
Like Bruce Lee said. Be like water, my friend. Always be flexible and willing to adjust based on what you see going in the current real estate market or prices in the houses in your area. Also, if you haven’t received any offers you need to make some price adjustments.
Be willing to adjust your price if necessary. This doesn’t necessarily mean that something is wrong with your home, it may just mean that the current asking price isn’t aligned with the current market conditions.
In addition to asking realtors for a detailed CMA to set your asking price, you can also ask friends, neighbors, and family. Ask for their opinion and see what they would pay for a home like yours.
Getting multiple opinions from a variety of people can help you find a middle ground as well as help you find additional selling points you may have overlooked.
There Can Be More To It Than Just The Final Sale Price
Maybe you can offer a lower price for the home, however, the buyer has to pay the closing costs. Or maybe you can get your asking price, so long as the furniture comes with the house.
You do have some bargaining power when finding the sweet, sale price for your home. With some clever strategy, you will be able to find a price that works for all parties.
Setting your asking price is the main key to selling your home without waiting for too long to get an offer or to sell. The best price to sell a home efficiently is the right price. You want it high enough to make money and low enough to attract buyers.
Set your asking price by comparing similar homes in your area, considering your own home’s unique features, working with a real estate professional, assessing the competition, and being willing to make adjustments, you can set a competitive asking price that sells your home quickly and efficiently.