Pricing Your Home To Sell
When you begin the process of selling your home, you will find several sources of pricing information, some agreeable and some not, some knowledgeable and some not. The choice you make in setting your price will determine how long it takes you to sell your home.
The single most important method of pricing your home to sell is to gather data from recent sales of homes in your immediate area and price your home according to these sales.
Some online sites declare that they are the experts in home value estimates, but look at their disclaimer about accuracy. The two major sources of estimates admit that their value estimates are within in 5% of the actual sale price only 26-40% of the time. Most of the data used by these sites comes from county appraisals, which are for taxation purposes only and do not reflect the current value of homes – the data is usually two or three years old by the time the county appraiser applies it to home values, and even then is only on a comparison basis.
One of the most applicable factors to setting your home price is how soon would you like to sell. If you are faced with a deadline, you may want to sell sooner. If you’re upgrading, but have not found a place to buy, you may want to take your time in selling. In either situation, the process remains the same. Gather data from recent sales of homes in your immediate area and price your home according to these sales.
If you would like to simplify this process, contact your real estate agent and ask that agent to provide you with sales data for homes recently sold in your immediate area. Ask for ALL sales, not what that agent thinks are applicable, but ALL sales.
Once you have this information and have a chance to study it, verify it, compare it to your home, then YOU make the decision of where your home should be priced.