Nov 10, 2016
If you’re thinking about putting your home on the market, determining your asking price is probably one of the most important decisions you will have to make. Various factors including market conditions, inventory, and current interest rates can determine how much you will get for your home. So how do you go about determining the asking price? Here are three key pieces of advice to help you make that decision.
It’s necessary for sellers to have a good understand of what’s happening in their local market and neighborhood. When trying to determine the asking price of a home, a seller should review all of the surrounding comparable homes that are currently on the market and those that have previously sold. Try to objectively compare your home to these properties and see where you fit. Look at houses that are close to yours in age, style, size, condition and location. A seller should also look at a home’s improvements, such as a new kitchen, bathroom and pool. These additions can increase the sale price of a home.
Working with a professional Realtor can be very beneficial when selling your home. An experienced agent will have been through the competing properties and can objectively compare your home to the others. Often the photos and written descriptions of properties can be misleading, and a professional will be able to help you distinguish the differences in properties. A Realtor can also be valuable in helping you determine improvements that may increase the sale price of your home.
Setting a realistic sale price can often help sell your home faster. Sellers at times look at comparable properties and hyper focus on the sale of a home that was extraordinary. Be sure to look at the whole picture rather than one high or low priced sale. Comparing your home to only one other sale, can result in an overpriced listing and pave the way for a long road ahead. Sellers should look at the entire pool of comparable properties and evaluate several factors including square footage, number of bedrooms/bathrooms, and differences in exterior and interior amenities. Although square footage is a great tool to compare properties, a seller should beware of increasing the sale price of a home based solely on square footage. Sometimes bigger is not always better.
If you're looking for advice or guidance on determining the asking price for your home, contact Gladys Manion for a free complimentary market analysis.
Led by third-generation owner Stafford Manion, Gladys Manion, Inc. is a boutique agency in Clayton specializing in luxury St. Louis real estate along the central corridor.