When selling your home in Montgomery County, you will obviously want to get a great price for it. However you don’t want to price too high, and scare off potential buyers, nor do you want to price too low, losing out on thousands of dollars.
There are proven methods and strategies we would like to share in this article. Keep reading to learn how to set your asking price.
Know Your Market
Do some research and find out what comparable homes are selling for in your area. Take a look at seasonal trends, and if you have the time, list your house at a time of year when prices are typically higher. Look up homes that are actively listed on the MLS, Zillow and for sale by owner sites.
Take note of how long the properties have been listed.
If a home has been on the market for awhile, it is likely priced too high. Think about supply and demand, if there are many homes on the market, buyers will be at an advantage.
In addition, you can ask a couple of realtors for a more detailed CMA. (Comparative Market Analysis.) Many realtors will offer this free of charge, as a marketing technique. Requesting a CMA should not put you under any obligation to the realtor. Who knows, they might even have a buyer for you.
Be Realistic
You might have a price in your head of what you want to get for the home, but make sure this price is realistic. Buyers are savvy, and depending on your market, they may have a number of options.
They want to get a good deal and find a value just as much as you want to get a good price for your house. The trick is to find that sweet spot. You don’t want to price your home too high and have to make multiple cuts to the price.
These price drops will show on the MLS, and repetitive price changes can make you look desperate or indicate that something may be wrong with the house. A good rule of thumb is to allow for only one price drop if absolutely necessary.
To make sure your asking price is based in reality, it might be beneficial to have a professional appraisal done.
Ask Opinions
When it comes to selling your home, it’s essential to have a clear understanding of its market value. While asking a realtor for a comparative market analysis (CMA) is a good starting point, it can also be helpful to get input from friends, family, and neighbors.
By asking people you trust what they would pay for a home like yours, you can get a sense of the potential range of offers you may receive. It’s essential to get multiple opinions from a variety of people to find a middle ground and ensure that you’re not pricing your home too high or too low.
In addition to helping you find a reasonable price for your home, getting multiple opinions can also help you identify selling points you may have overlooked. Perhaps your home’s location or unique features are more appealing to potential buyers than you initially realized. By taking into account the feedback you receive from friends, family, and neighbors, you can better position your home to attract interested buyers.
There Can Be More To It Than Just The Final Sale Price
When it comes to selling your home, negotiations and bargaining can be a crucial part of finding the right price that works for both you and the buyer. One way to find a mutually agreeable price is to consider offering or asking for additional incentives or conditions.
For example, you may be willing to lower the price of the home, but ask the buyer to pay the closing costs. Or, you may be willing to sell the home at your asking price if the buyer agrees to purchase the furniture as well. By offering or asking for additional incentives or conditions, you can find a middle ground that benefits both parties.
It’s important to keep in mind that negotiations can be a delicate process, and it’s essential to approach them with a strategic mindset. By doing your research, understanding the local real estate market, and knowing your bargaining power, you can create a negotiating strategy that puts you in the best position to achieve your desired outcome.
In summary, negotiations and bargaining can be a crucial part of finding the right price when selling your home. By offering or asking for additional incentives or conditions, you can find a middle ground that benefits both you and the buyer. With a strategic approach and a clear understanding of the local real estate market, you can create a negotiation strategy that helps you find a sweet, sale price that works for everyone involved.