The past few years have been exciting for home sellers. Not only were home prices historically high but buyers were well qualified and enjoying low interest rates. Today’s housing market is dramatically different in many areas of the country.
If you are considering selling your home, you may be wondering how to select the correct price when it seems all the sellers around you are still overpricing theirs.
Working with your real estate agent, the first step is to look at recent sales, not just recent listings. You may find quickly that the homes are selling for quite a bit less than they are listed for.
You also need to look at the trends. Are sales prices rising month-over-month or declining – and by how much? This can help you gauge if you should price higher than recent sales or lower.
In areas with few recent comparable sales, such as markets with many custom homes, it may benefit you to get a professional appraisal. This will cost a few hundred dollars and will give you a full picture of the local market.
Appraisers will consider the unique features of your home vs the recent sales, as well as the sales prices. This can offer great information if you have a beautiful view, a large lot, or a remodeled home.
Finally, rely on the advice from an experienced agent. Don’t be tempted to join the pack if they are overpriced. Be reasonable in your expectations. This will allow you to sell quickly and for the best price possible in the current market.
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