The successful sale of a home is dependent on a number of factors, but many of them involve good timing. The listing price of a house for sale in inescapably associated to fortunate timing.
Theoretically, there is no regulation on setting a price for one’s home. It could be priced at $1 or $1,000,000,000,000, yet buyer interest depends on price, comparisons, the kind of ‘market,’ etc.
Before publicly listing your home, consider the following sentiments.
Setting a High Price
Ideally, a seller wants to get more than expected for their home in less time than expected. More realistically, a seller must set a price depending on factors such as square footage of house as well as other houses (of the same size) within the home’s immediate neighborhood.
Also, as suggested in the introduction, the element of good timing is integral to securing a successful sale. Set an initial price a bit too high, and buyers with options grow skittish, prolonging the amount of time a home is on the market. The longer a home on the market, the less leverage the seller has in enchanting excited buyers.
Speaking to a Professional or Peruse Literature
Setting a strategic asking price is facilitated by one’s ability to understand the current market. For example, in a buyer’s market, prices are set lower than normal; and, in a seller’s market, vice versa is true, houses are set at high prices, in the advantage of sellers’ interests.
Speaking to a real estate professional or perusing current literature related to the industry will help define the current state of the market. Furthermore, as suggested below, one could act as a current ‘shopper,’ taking a look at the price of homes in their immediate area.
Acting Like a Buyer
Acting like a buyer, using online search engines to find available homes for sale in your area similar to the square footage and offered amenities in your home, helps define a listing price as well as gauge the emotional behavior of potential buyers.
For example, seeing your asking price is $5,000 more than the home down the road may immediately make a buyer dismiss the higher-priced home. However, if the main difference is a pool or cul-de-sac setting, ensure buyers understand the difference in price reflects added value or amenity.
Marketing the Home
The listing price, once strategically theorized and implemented, needs the attention of active buyers. Ask a potential real estate agent about intended marketing endeavors related to building awareness and securing the eventual sale of the home.
Marketing methods involve billboards, social media (tweets and Facebook posts), search optimization and others. Success depends on the actions of a given market more than digital buzzwords and ‘new’ options. Discuss a great marketing strategy with potential agents (Use Agent Harvest to find an agent.)
Comprising an intriguing listing price requires research, strategy, and arranging for initial awareness and excitement. The optimal situation gets a home sold at a high price fast, but more realistically, a great real estate agent considers a number of factors to get facilitate the most optimal situation taking place in reality.
Author Bio: Robert Groleau’s keen awareness of the housing market puts him at the forefront of the field. With years of experience, he enjoys writing about the ins and outs to a great real estate experience.