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Is Your Home Priced to Sell?

Posted: September 21, 2017

Your home may be beautiful…it may have all the features you think buyers will be interested in, in the right location and everything. But, if it isn’t priced to sell, the process may be slower than you’d like.

On the contrary; if your home is priced to sell, your listing process may be quick and painless – allowing you to move on to the next phase of your life without trouble!

What’s it take? What goes into pricing a home to sell, anyway?

Working with an Experienced Agent

If you’re dreaming of something bigger, or are hoping to sell your home at a certain price point, you may be slightly biased. This is understandable and a normal part of the process.

However, working with an agent that’s familiar with your area may help in selecting a starting list price that’s appropriate, a price that’s more likely to attract buyers. Industry knowledge and experience cannot be undervalued.

Recent Comps Matter

Markets vary from week to week. Just because your home was priced appropriately a year ago, doesn’t mean it’s value is the same. Sometimes markets are more competitive than others.

Because markets change so quickly, looking at recent comps and pending sales are important factors in assigning a list price.

Interior Features are Important

While trends vary, certain features make a home more valuable in the eyes of buyers than others. Updated homes with new carpet, granite countertops and neutral colors may be “worth” more than those with bright colors, vinyl floors and stained carpets.

A few upgrades inside may be worth it to increase your list price, depending on market conditions.

Renovations Can Add Value – but Not Always

Certain renovations are more valuable than others. Many buyers assume that because a project cost a lot, it had to add a lot of value to their home. This is not always the case. For instance, adding a bathroom or updating a kitchen might add more value than installing a swimming pool or a home office. Again, this depends on where you’re located and what’s happening in the local market.

Your Layout Might Make a Difference

Often, potential sellers look at comps and assume that because the square footage, number of bathrooms and bedrooms, and acreage is the same, that the value must be the same as well.

Sometimes other conditions – as identified by your agent – might come into play. An open floorplan or first floor bathroom may change the value. If your yard is open without any visible neighbors, the value may change. Comps give a great starting point, but they are not the be all end all for list prices.

Are you ready to list your home? Have questions about where to start or what an appropriate list price may be? Contact me today. I look forward to working with you!