As you get ready to add your house to the real estate market, you likely will consider high and low initial asking prices. However, it is important to remember that no two residences are exactly alike. And much in the same vein, the initial asking price for your home may vary from that of a similar residence based on your house's condition, age and other factors.
Ultimately, a diligent home seller will allocate the necessary time and resources to determine a competitive initial asking price for his or her residence. This seller will be able to establish an initial home asking price that hits the mark with buyers, and as a result, stir up plenty of interest in his or her house.
Determining the ideal initial home asking price may seem tough at first. Fortunately, we're here to help you set a competitive price for your residence, regardless of the current housing market's conditions.
Now, let's take a look at three tips to help you establish the ideal initial asking price for your residence.
1. Assess Your Home
The present condition of your house may have a major impact on its value. Thus, you should perform a home inspection before you list your house to identify any underlying problems and address such issues.
A home inspection is generally requested by a buyer after a seller accepts an offer on a residence. Conversely, a seller who wants to go above and beyond the call of duty may perform an inspection to take a proactive approach to home improvement projects. This approach may help a seller mitigate potential home problems before they are discovered later in the home selling process.
Thanks to a home inspection, a seller can establish home improvement priorities. Then, this seller can perform myriad home improvements and move closer to maximizing the value of his or her residence.
2. Evaluate the Housing Market
Operating in a seller's market is far different from selling a house in a buyer's market. If you review the real estate market, you can gain the insights you need to establish a competitive price for your home.
Take a look at the prices of houses in your area that are similar to your own residence. This information will enable you to understand the price range for comparable houses in your city or town.
Also, evaluate the prices of recently sold residences in your area. This housing sector data will allow you to determine whether you are operating in a buyer's or seller's market.
3. Collaborate with a Real Estate Agent
A real estate agent knows the ins and outs of selling a home in any housing market. He or she can offer a wide assortment of housing market data. Perhaps most important, a real estate agent will make it simple for you to establish a competitive price for your residence and reap the benefits of a fast, profitable home selling experience.
Want to add your house to the real estate market? Use the aforementioned tips, and you should have no trouble setting a competitive initial asking price for your house.
About the Author
Kimberly Hering
Kimberly Hering's devotion to helping people achieve their real estate goals stems from her genuine enjoyment of the process. Whatever the task, Kimberly makes it her mission to get it done, however she can, without compromising her client's needs. Often, that means thinking outside the box. After working with Kimberly, clients describe her as being Trustworthy, Creative, Patient, Highly Skilled, Attentive to the Process and having a lot of Integrity.
After spending more than 15 successful years working on Wall Street, Kimberly transitioned into Real Estate, joining Alain Pinel Realtors, then moving to Zephyr, now Corcoran Global Living, in 2018. During her career on Wall Street, Kimberly was a Vice President working as an Institutional Equity Salesperson for Montgomery Securities for 10 years. She covered the top money managers throughout the US and Canada. She joined Jefferies & Co as a Senior Vice President managing the Western Region Institutional Sales group, while continuing to cover the top money managers.
Kimberly leverages her extensive experience selling equities to top money managers throughout the US and Canada, to successfully negotiating any Real Estate transaction seamlessly for her clients. Kimberly is well versed in Marin's neighborhoods, towns, cities, and education system.
Living in the Bay Area for 35 years, 25 years in Marin and having 2 sons in local Marin schools, Kimberly spends a lot of time volunteering in the community and serving on various local Boards. Kimberly has a collection of resources ranging from the best local breakfast spots to vetted contractors. With her reliable list of valuable resources, Real Estate experience and unsurpassed knowledge of Marin's many communities, Kimberly can guide her clients through every aspect of a Real Estate transaction seamlessly.
Relocating to Marin, downsizing, upsizing, first time home buying, final home purchase or sale, or a lot to build a dream home, no matter the undertaking, Kimberly works seamlessly until the job at hand is completed with 100% satisfaction.