The Importance of Properly Valuing Your Home
Everyone’s situations and goals for selling a home are unique, and while every sale requires personal attention and knowledgeable advice from your realtor, pricing your home properly is essential to all selling scenarios. So what are some universal truths around properly valuing a home when putting it up for sale?
Underpricing Your Home
Setting the proper price from the get-go places you in the best possible light to appeal to the most number of buyers that have the ability to pay the price your home is worth. This translates to selling your home in a timely and efficient manner. If your home is underpriced, you may see a large flock of onlookers and even receive multiple offers. But the flip side to underpricing your home is you could also lose thousands on your family’s largest investment.
Overpricing Your Home
An overpriced home, on the other hand, will most likely result in a lack of interest in your property and result in a scarce amount of offers. If your house is overpriced, viewers that do express an interest will be less inclined to put forth an offer to pay an unrealistic price. If you wait too long and then decide to lower your price at a later time, you may have already missed out on out on many of the most interested buyers.
A Balancing Act
Pricing a property can be viewed as a balancing act where the goal is to achieve the highest price possible but, at the same time, not to deter potential buyers from placing an offer. Arriving at an accurate asking price involves up-to-the-minute research and experienced judgment. Besides thoroughly analyzing current real estate market trends, your realtor should measure your home against similar neighbourhood homes that have recently been sold or are currently on the market. You’ll want to know how long these homes were on the market, and whether sellers had to reduce their initial prices in order to sell. It is also important to determine what features make your house stand out among others currently on the market. After all, buyers are comparison shoppers.
At the Rocca Sisters Team, our experienced agents offer a detailed Comparative Market Analysis that gives you the accurate, reliable foundation you need to price your home right. We use the most up-to-date statistical analysis to assess the value of your home and price it right the first time. The bottom line is that if you are looking for top dollar when selling your home, it’s smart to set the right price at the outset. When you offer your home at its true market value from the day it goes on the market, you’re giving yourself the best chance to receive a fair offer in a reasonable amount of time! Contact us today to learn how we can help you get the most out of your biggest investment: your home.