If you’re looking to sell your home you need to know how much it is worth. Information is power when home selling and it being a buyer’s market you can increase the odds of getting a good home price if you know more. Educated sellers will do better than those who just rely on others to help them sell their homes. There’s a lot to be said for studying the market and understanding what’s going on – let’s take a look at how to price your home in a buyer’s market.
House prices are very local and the price depends on price range and also the neighbourhood. So, before you sell you need to understand what the demand for your home is like. Looking at comparable homes and the sales prices for a couple of years in quarters can help. This will give you an idea of the local trends and what to expect locally. Also, take note of sales prices and list prices – if there is a difference here you should also take note of it.
WHO’S MOVING AND SHAKING?
If you understand who is buying and selling in your market, then you get an idea of what’s attracting buyers and what sort of buyers are they. Are you living in an area where people are buying to live or are you living somewhere that’s buy to rent and many are looking for a bargain – understanding this gives you a better idea of the price created by supply and demand.
ASK THE ESTATE AGENT
Professionals will know more than you in most instances and deal with this sort of thing day in day out. Asking them what the absorption rate is will give you a good idea of the market conditions and how long it would take for the market to sell all the houses there currently.
If you’re looking to sell quickly then you may want to imply strategic pricing to ensure your home is sold quickly. By dropping your home to a certain price first off rather than a certain amount each month you get a price advantage over the person who is constantly lowering the price to sell a house quickly. It can be hard to predict the market of course, but when you do, it means you get a quick home sale.
If you sell a home via an estate agent you may pay 3% commission. Rebating your commission means you take a percentage of this money off the house price to get a fast sale. So taking half of 3% you get 1.5% – which is $1,500 less on every $100,000. So, a $400,000 home could be sold for $394,000 and this could still see you saving. However, you won’t have the guidance of an estate agent down this route.
These tips can help you sell your home that little bit faster and get what you want when you require it.