If you are a first-time home seller or someone who wants to sell their home without a real estate agent, your major homework is to identify your property’s worth. Pricing your house is not a guessing game. It should be done systematically with a basis to come up with the right and competitive price that will entice more home buyers to purchase your house.
How to Determine The Price of Your House?
Does it sound intimidating? Don’t worry! We will help you price your house right to competently close a deal with the right home buyer. These 6 tips can help you identify your property’s value in no time.
1. It’s all about you
Identifying the price of your property for sale is one of the main agonies of home sellers. If you are done with your home improvement projects and have put everything in place to competitively sell your house in the market then decide on your property’s worth.
Make sure the odds are in your favor, not to the real estate agent or someone, in coming up with your price.
2. Do not easily trust on the valuations by real estate agents or mortgage lenders
Real estate and mortgage agents will give valuations of your home. However, don’t just easily rely on their assessments as their pricing criteria may be in contrast to yours.
Mortgage valuer, especially those that are not local residents of your place, may base their valuations on the statistics provided by the Land Registry or other house sales information sources, which are actually unreliable.
On the other hand, local agents might suggest higher valuations. But beware; their goal might not sell your property fast but to win your trust for you to hire them as your professional real estate.
3. Do an intensive market research
Whether you are planning to sell your home yourself and just need to price your property correctly, it is necessary that you study and research on the local house prices.
Turn yourself into an expert. Identify the number of houses sold and still for sale in your area with the help of Mouseprice, Rightmove, and Zoopla. You can also visit real estate websites to check on the latest asking price within your place. Or find comps for your house to determine the best selling price of your property.
Observe the movement of the housing market. Is it falling or rising? Is there a glut of sellers or buyers? Identifying these data can provide you with the house trend prices in your location.
4. Assume negotiation beforehand
Price your house accordingly. Make sure you are ready to compromise at least 5%-10% of the total selling price. Set an adjustable price for possible negotiations. But if you want to get off those hefty commissions, you can either sell your home yourself or engage with a cash home buyer.
Remember that pricing too high or too low has risks. Beware of your price scheme and always settle for a competitive rate.
5. Plan your marketing strategies
There are different ways to market your property. Plan for strategies that can help you sell your house fast like posting for sale signage outside your house, printing out flyers, posting on social media, or schedule an open house.
You can also tap your real estate agent to work on the marketing, however, assess their stratagem. Remember that you are not totally compelled to accept all his recommendations.
Different countries use different strategies so make sure that you adapt the ones that are proven effective in your location.
6. Decide on your timeline
Do you want to sell your house quickly or you can afford to take it slowly? Your selling price can also depend on your sale timeline.
For an instance, if you want to sell fast then you have two options. It is either to lower your house’s selling price or ask prospect buyers for sealed bids.
Once you put your property into a “price to sell quickly” option, expect a flock of home buyers and real estate agents as this strategy can immediately seal a deal.
On the other side, if your house is on demand and when the market is hot, asking for the “best and final offers” can help you sell fast. This approach is effective. Home sellers usually receive good offers, often considerably above their asking price.
However, if there’s no need to sell your property quick, you can either price high or low depending on your goal. But the risk is it might sit longer in the market, which might blight a negative impression from buyers.
The final selling price of your house always depends on you. Make sure you don’t oversell or undersell. Consider the above criteria to come up with the best and most competitive price for a quick sale.
The Home Buyers provides a fair and just price your property. Just fill up our request for a quotation form with all the details required and we will respond to you as soon as possible.