Selling your home is a decision not to be taken lightly. You want to extract the maximum value for the sale so you’ll have money for a new home or other purposes. You might set the selling price lower than the market value if you’re hoping for a quick sale. This could backfire and cause you to lose money on the sale. You may set the price higher with the hopes of bringing in a larger return on your investment. However, raising the bar too high could result in your home sitting on the market without a nibble. Price your home to sell from the start to ensure success.
💲 What’s the Difference Between Asking Price and Selling Price?
When you list your home for sale, you set the asking price. This is also referred to as the listing price. Many buyers try to negotiate or make offers that come in lower than that asking price. In fact, you may receive several offers. Alternately, you may get surprised and receive an offer that is above your asking price. Either way, the amount of money you receive from the sale of your property is the selling price. Your hope is to have those two amounts be as close as possible.
💵 How Much is My Home Worth?
Before you can list your home for sale, you need to determine its value. There are a couple ways you can accomplish this task. The first step you want to take is to study your market area. You can perform an internet search of homes for sale in your area and take note of homes for sale and their listing prices. You can also view your tax assessment records to see what your county has appraised your home for in the past. The selling price will often be considerably higher than the tax assessed value, but this will give you a starting point. Most counties have tax records online so that you can perform this search from the comfort of your own home. However, if the records are not online, you may need to visit the courthouse. Your best option, however, is to seek the advice of a professional real estate agent.
🗣 How Can a Real Estate Agent Help Sell My Home?
Your real estate agent will provide you with valuable advice when it comes to pricing your home to sell. Although you may have done some research on your own and have a pretty good idea of what your home is worth, it is a good idea to listen to your agent. They can provide you with a market analysis report that shows recently sold properties and the accurate sales prices. They understand market trends, and they have the negotiation skills you’ll want when offers begin to arrive. Having an experienced real estate agent on your side can lessen your stress and make the home selling process smoother.
💰 How Can I Set the Right Listing Price from the Start?
You are going to want to set the right selling price from the start. Unless you’re extremely motivated to sell and not looking to make a profit, you can set the price lower than what other similar homes are selling for in your area. In most cases, though, sellers want to receive the maximum value for their home. This does not mean, however, that you’re going to put a huge price tag on your home in hopes there will be a taker. Realistically, there may be absolutely no inquiries regarding your home if the price is too high. So, you want to set the price just right with a little room for negotiating.
✔️ What Happens During Offer Negotiations When Selling a Home?
You’re likely going to receive many offers for your home. Once you find a buyer who meets your standards, you will begin the negotiation process. You may go back and forth on the price a few more times before everyone is in agreement. Your real estate agent will guide you through the negotiating process and speak on your behalf. The buyer may also want you to make small repairs or improvements. If you decide not to give in to their requests, they may try to reduce the agreed-upon selling price. To be successful in negotiating there has to be a give and take. Each party will have to give a little to make the transaction work. Once everyone is happy and negotiating has ended, it’s time to get ready for the day everyone has been waiting for – the closing.
The sale of your home will not take place overnight. It can be a long process and depends largely on the market. However, one of the main factors in determining if you’ll be successful when selling your home is the price at which you want to sell. If the price is too low, you’ll lose money. If the price is too high, you’ll lose buyers. The key is to find a middle ground when it comes to pricing your home which gives you a greater chance at success.
Your real estate agent is the best source of information about the local community and real estate topics. Give Zen 5 Home Team a call today at 720-335-5372 to learn more about local areas, discuss selling a house, or tour available homes for sale.