Pricing is the most important factor when it comes to selling property successfully. When your property has the correct price tag, the job of selling becomes easy. Overpricing a property leads to delay in its sale. The freshness of the appeal of the property is lost within 1 or 2 weeks of showings. After 21 days of showing, the interest and demand wane. However, pricing your house low does you no harm. When you price your house below the market value, you are likely to get multiple offers, which would increase the house’s price to match market value. Pricing is entirely dependent on demand and supply.
Here are some effective tips to price your house right to sell it at a good deal:
Look at comparable sales and listings:
Notice all the similar houses that are or were listed in your neighborhood in the past six months. Look at houses only within ½ or ¼ miles and not far than that, unless the neighborhood has only a few houses or the house is rural. Notice dividing lines in the neighborhood and physical boundaries like railroads, freeways and major streets. Do not look at properties belonging to the other side of such boundaries. Compare houses with similar square footage or with a difference of about 10% with your house. Compare houses with similar ages. One neighborhood may have two houses similar in all respects, with the difference that one was built in 1980s and the other in 1950s. Both will have different values.
Consider withdrawn listings:
Know the history of withdrawn and expired listings for determining whether or not any properties were removed from the market and relisted. If so, those days in the market should be added to the present listing time periods to get the total days they were in the market. Compare the final sales price with the original list price to find the price reductions. Knowing the prices of properties in this category that are similar to yours can help you put a reasonable price. Adjust the prices according to upgrades, amenities and configuration. If any houses in your neighborhood did not sell, observe the common patterns in them and the factors common. Find out the brokerages that had the listing. Was it a company, which usually sells all listed properties, or was the company a discount brokerage, which may not have invested much money on marketing of the house? Think on what steps can be taken to prevent your property from becoming one of the expired listings, when you put up your real estate for sale.
Observe the active listings:
The properties in the active listings compare to your property. Be prepared to answer the questions of potential buyers. Consider taking a tour of properties in active listings. Notice the things you like and dislike, and the way you feel when you enter the houses. Compare them with your house and see I what way are those houses or house better. These are the houses that are your competition. Think about why a potential buyer will like your house more than any of them. Set the price accordingly.
With these tips, you can set the right price to your house. Real estate offered for sale with the right price tag always gets a huge number of buyers, and eventually sells at a great price.