If you’re one of many South Carolina homeowners who plans to put up a “For Sale” sign this year, you’ll want to make sure you get the list price right the first time. Many people make the mistake of listing high, then having to reduce the price when their home lingers on the market. If you have a home to sell, it’s best to avoid a price reduction, which often makes potential buyers think there’s something wrong with it.
There are several helpful tips to keep in mind when determining a list price for a home you want to sell. While it’s perfectly acceptable for you to make a pricing decision on your own, it’s always best to consult with an experienced real estate agent in your community. An experienced agent can tap into various “tools of the trade” to help you accurately estimate the current value of your home.
Review market trends when you have a home to sell
In the real estate industry, each property is unique; in fact, highlighting a home’s uniqueness is something an experienced agent knows how to do to attract offers. When determining a list price, however, it’s important to review the current trends of the overall housing market in your area. In other words, although your home might have special features or amenities that may be attractive to buyers, if you price it much higher than other homes are selling for in your area, your listing might got garner much attention.
This is because buyers often set a price range according to their budgets. If someone is searching for a home in your area and several homes for sale are in the right price range but yours is listed for a higher price, the buyer will likely skip right past your listing in favor of the other homes. Therefore, remember to review the current market trends in your region before choosing a list price.
Location, location, location
You may have heard it said that location is everything when it comes to buying or selling a home. If you have a home to sell, your location plays an integral part of choosing a list price. If your home is in a prime location, its value is undoubtedly higher than similar homes for sale in less attractive locations. Things that make a location “prime,” include close distance to quality schools, commercial hubs, healthcare centers and travel networks, as well as a booming local economy and low crime rate.
The beauty and climate of the surrounding area also influence desirability regarding location when you have a home to sell. Finally, if you’re selling a home in an area that is “trending” among buyers, it automatically becomes a prime location, especially if the current demand exceeds the existing supply.
Comp sales, upgrades and more
A South Carolina real estate agent can also use comparable sales analysis to help you determine a list price for your home. Agents have access to the Multiple Listing Service (MLS), where they can analyze recent sales (of homes similar to yours) in your area. In addition to comp sales, if your home is in move-in condition or you’ve recently made upgrades, buyers will be willing to pay a higher price than they would for a similar home in need of repair or one that has outdated lighting, fixtures and appliances. The right list price will attract buyers’ attention.