When you want to sell your home quickly, there are several mistakes that your realtor and yourself can make including pricing it too high. While you want to make sure that you get top dollar for your property, you also don't want it to sit on the market for very long. The longer it sits on the market, the more money it's going to end up costing you in the long run. So, how can you make sure that you price your home at a competitive price?
1. Pull Comps
Pull comps or comparison reports of all of the houses in your area that have recently sold. By comparing your house with others, you can assess what yours should be listed at. Things that your realtor will look at in the comparison reports are:
- Homes with similar square footage
- Homes with similar finishes
- Whether yours or other properties have been recently remodeled
- Your lot
- The exact street address that you live on
Then, once they compare your property against others by keeping these factors in mind, they will be able to accurately price yours at an amount that will sell quickly while still getting your home top dollar.
2. Get a Pre-appraisal and Pre-Inspection
When a buyer is under contract, they will be responsible for getting two things during what is called a due diligence period: an appraisal and an inspection. If the appraisal comes in too low then they won't be able to get a loan for that amount, which means they will have to come back to you (the seller) to negotiate the price. If the buyer gets a much higher appraisal, then they are going to walk away with money that could have essentially be yours. When you get a pre-appraisal done, you will know your home's exact market value.
Another thing to get is a pre-inspection. Sometimes when inspections are done, things come up on the report that will devalue your home. By fixing things in your house or knowing what needs to be fixed, you can adjust your price accordingly to factor in the costs of things. For instance, if you need a new water heater, you can either replace it or reduce the price of your home by a couple of thousand dollars to essentially cover that cost.
To learn more about how you can competitively price your residential house for sale, reach out to a realtor for you.Share