Selling a house can be tricky. If you set a price that’s too high, your house may sit in the market for too long. If you pull the price down too much, then you could lose money that you rightly deserve. The trick is finding the right balance, but this is a challenge that even the most experienced struggle with at times. Consider the pointers discussed below in setting the best price for your house.
Competition – Whenever you price your home, think about your competition, then think like a buyer. At what price is the competition selling their homes? How long have they been in the market? If the other homes in your area have been in the market for too long, then they may be overpriced. In this case, it may be wise to price yours lower than theirs.
Another good tip is that instead of looking at the price of homes for sale in Menifee, CA, search for the price of houses that have already sold. By doing so, you can determine a value that buyers would more likely be willing to pay. If you’re going to price your property similarly to the competition, make sure to have an edge. For example, a newly remodeled bathroom, or a new paint job. Think like the buyer and ask yourself “Why would I buy this instead of the others?”
Location – Just because you are all under the category of houses for sale in Menifee, CA doesn’t mean that your market values are all the same. If your house is near a local establishment like a coffee shop, or a park, then you can price a bit higher than others. If you live in a gated community, that’s an added few thousand dollars; and if you live near the gate, or the guard house, then throw adjust accordingly. Be careful, however, that you don’t end up overpricing.
Numbers – Pricing is a game of numbers. If you go to a restaurant and you see a meal that costs $4.99, then you’ll probably get this instead of something worth $5.00. It doesn’t really diminish the price of the item you’re selling, but in the minds of the buyers, less is always better – no matter how small it is. Always round down your price.
Agent – An experienced real estate broker like one from Team Robinson can help you set the best price for your house. Additionally, a Realtor will have the skills and network to effectively market your property. Remember that if the price is right, but the market job is sub-par, you could still be waiting months to sell.
Sources:
(The one item needed to sell a home for top dollar, inman, March 20, 2015)
(8 Tips for Pricing Your Home in a Buyer’s Market, forsalebyowner)