When buyers look for a home, price is the number one thing they consider. The right price can mean the difference between selling a home quickly and having it languish on the market.
If you are unsure about how to price your home, here are 5 ways to get it right and attract more buyers:
- Work with a real estate agent
While you can sell your home on your own, we recommend working with an experienced real estate agent who knows the ins and outs of the local market. They’ll make the home-selling process less stressful, and save you time and money.
Real estate agents can help you figure out your home’s value so you can price it competitively. They can provide information on similar homes that have recently gone off the market. You can also ask them for helpful contacts like reliable inspectors and professional photographers for home staging.
When looking for a reliable real estate agent, do not immediately go for the first one you find. Take your time. Talk to multiple agents before making a decision.
- Consider the flexibility of value range pricing or VRP
Instead of listing your property at a fixed price, consider putting up a range.
To do this, you must first establish the amount you want your home to sell for. Then, set a price that’s slightly lower than your target price but one you would still be comfortable enough to accept. Next, establish a price that’s a bit higher than the target price, which will serve as your ideal outcome.
For example, if your home is worth $500,000, you could list its price as between $475,000 and $525,000. Pricing your home this way gets more attention from home buyers because it gives them the opportunity to negotiate. The wider your scope of potential home buyers, the better your chances of selling your home faster.
- Offer incentives
In the competitive world of real estate, offering a reasonable price for your home may not be enough to get it off the market. You must think of other ways to attract home buyers.
Sweeten the deal by offering incentives like shouldering a small percentage of closing costs, lowering the down payment, and paying for major repairs. Some sellers even offer “free gifts” like home appliances and club memberships.
- Have your home pre-appraised
One way to accurately price your home is to get it pre-appraised by a licensed appraiser who will assess your home inside and out. They will note the size, condition, and location, among others, of your property. Special amenities like swimming pools and home theaters will also taken into account.
A pre-appraisal is one way to determine if you’ve priced your home objectively.
The professional’s assessment will also make it easier to negotiate with interested buyers.
- Get it inspected
Getting your home inspected will reveal all of its flaws. The inspector will point out exact issues and give recommendations for repairs. You will even be notified about any minor problems that could potentially become a pain to deal with in the future. Home buyers will appreciate a seller-initiated inspection because it indicates transparency.
A home inspection can also bring attention to your home’s strong suit – the soundness of your roof, for example – which you can use as a selling point. It also highlights improvements like a kitchen remodeling or electrical upgrades.