When you put your home up for sale, you may want to talk to your real estate agent at length about the price to choose for your house. It's important to take into consideration a wide variety of factors, including the size of your home, its location, and its current condition. There are also lesser-known facts that you should know about setting the right price for your house right from the start.
Fact #1: Going Too High Won't Impress Buyers
A lot of home sellers set the price of their home at an extremely high price point to send a message that their home is worthwhile, and they may figure that anyone who is seriously interested can always make a lower offer. However, having a price that is too high on your home can leave potential home buyers irritated, and some may even assume that you aren't really serious about selling the house. Serious home buyers will be able to assess what the home is worth, and over-pricing a house can cost sellers the opportunity to work with interested buyers.
Fact #2: Online Home Listings May Affect How You Should Price It
You may not imagine that online listings have a bearing on how you set the price of your home, but your real estate agent will be able to tell you how many modern home buyers start their search online. As such, you want to consider how the real estate property will come up under the automated buyer searches in real estate databases. For example, if your property is fairly priced at $214,000, you may want to consider pricing it just under $200,000 so that your home shows up when people search for local houses under $200,000.
Fact #3: Your Home is Truly Worth What People Are Willing to Pay
Although you and your real estate agent may spend a great deal of time going over the fair market value of your home and the dozens of factors that play a part in how you should price it, ultimately your home is worth exactly what home buyers are willing to pay for it. You may be able to gain insights into this by looking at how similar houses in your exact area have sold in the past.
Finally, keep in mind that choosing the right price for your home can make the difference between a house that sells and one that stays indefinitely on the market. Take your time and ask your real estate agent any questions that you have about choosing the perfect price for your home.