If you’re one of many South Carolina residents who will be selling a home this year, this post is for you. Once you put a “for sale” up in the yard, you’ll be hoping that the offers will start rolling in. However, if you don’t choose an effective list price, your house could wind up lingering on the market.
Choosing a list price isn’t as easy as it sounds. It’s helpful to rely on experienced real estate agents to explain the process and help you determine a price that’s right for your house. It’s not uncommon for a homeowner to try to list a house higher than it’s worth on the current market because to him or her, it’s worth more. However, you can’t choose a list price based on sentimentality.
Pricing your home to sell
The sooner you sell your house, the sooner you can move on to your new lifestyle. Pricing your home too low is just as risky as pricing it too high. Either way, you’re unlikely to attract offers. If your list price is too high, you’ll be forced to lower it at some point. This can backfire in a big way because potential buyers will see that the price has been lowered and wonder what’s wrong with the house.
If you price your house too low, you might short-change yourself financially. This could affect your ability to buy another home. Also, buyers who have looked at other homes in the area (priced higher) will be hesitant to schedule showings, again, thinking something must be wrong with the house to make you price it so low. The key to success in real estate is to price a house to sell.
You can use online tools to estimate the value of your home
There are various online tools to help you determine a good selling price for your house. You’ll be asked to plug in certain information, which will generate a fair market value for your home. The problem with these online tools, however, is that if the system is using comp sales in your area but homeowners who have recently sold their houses priced them too low, your estimate will be generated from that value, which could, in turn, cause you to list your price for less than it’s worth.
Ask an agent to run a comparative market analysis (CMA)
The comp sales that real estate agents review provides a better overall status of what homes in your area are selling for these days. If a house is in the same zip code, has a similar amount of living space and has sold in the past 90 days, it’s a comp price worth considering.
When experienced real estate agents recommend a list price, it’s a safe bet. They want to sell your house as much as you do. Determining an effective list price is the key to a seller’s success.