One of the first steps to selling your home is deciding how much to ask for it. Several factors influence pricing a home … some you can control, and some you can’t.
A Texas Realtor can help you decide on the best price based on the condition of the home and what comparable homes in the area have recently sold for—be prepared in case the amount isn’t what you had in mind. Here are a few things that determine a fair price.
New and improved
Your home’s condition plays a large role in setting an asking price. Buyers will be thinking about how much work they would have to do before or after they move in.
When it comes to fixing or updating a house, cost does not necessarily equal value. Even minor improvements can translate to more dollars for you in the long run. Upgrades or repairs mean a little work on your part but can positively affect your asking price.
Out of your control
The asking price also depends on circumstances you can’t control—the housing market’s inventory, local employment numbers, interest rates, the amount your neighbor’s home sold for, and a host of others.
You also can’t do anything about your property’s location … and location is perhaps the biggest word in real estate. A house’s location includes access to schools, businesses, public transportation and highways. This convenience could be a strong selling point. A property with an attractive view or near a public greenspace can deservedly command a higher sales price than a similar house on the block without those features.
Don’t take it personally
It’s been a few years since the housing market peaked and your home was probably at its highest value. In other words, even if your home is in immaculate condition, it may no longer be worth what it was worth then.
And, unfortunately, the amount you paid for the house doesn’t matter. What you need to get out of the sale doesn’t matter, either—your buyer doesn’t care that you just need another $10,000 to buy your dream home. Instead, make a case for why your house is worth it, and keep any negotiations strictly business.
And remember, no matter what price you set, your house is really only worth what someone’s willing to pay for it,
Get expert help
With such significant financial consequences at risk, it’s in your best interest to ask a Texas Realtor for help.
In many cases, your Texas Realtor will develop a comparative market analysis (CMA), which compares your property to similar, recently sold homes. This is a time-tested way of getting an asking price in the right ballpark. Of course, each home is different – and that’s where a Texas Realtor can really clarify and fine-tune the pricing process.
For more information about buying and selling real estate in Texas, I invite you to visit TexasRealEstate.com today.
For more information on buying or selling property in Texas, please call Waymond Lightfoot at (210) 386-5201.