Most of us have two goals in mind when we decide to sell our home. We want to get the best return on our investment, and we want to sell our property in a timely manner. Unfortunately, when it comes to pricing your home to sell, you can make mistakes that cost you time and money if you aren’t careful. So, what are the keys to setting a successful asking price? Let’s take a closer look.
💲 Asking Price vs. Selling Price
First, let’s look at the difference between the asking price and the selling price. When it comes to selling your property, these two terms are not created equally. The asking price, also known as the listing price, is the amount of money you hope to get from the sale of your home. The selling price, or sale price, is the amount of money that a buyer is willing to pay for the property. As a seller, you want the selling price to be equal to or higher than the asking price. However, this isn’t always the case, and it’s something to be prepared for when considering your options for pricing.
🏡 Determine Your Home’s Value
Before you can set the asking price, you’ll need to know exactly how much your home is worth in today’s real estate market. Start off with getting an idea of the value of your property from an online home valuation estimator. You’ll input some basic information about your house and get a quick estimation on the value. Keep in mind that this estimate does not take some things into consideration when calculating.
🙋♀️ How Your Real Estate Agent Can Help
You’ll want to check with a real estate agent to get a more concrete idea of your home’s value. Contact us to receive a comprehensive report that takes the current market trends, upgrades to your home, and recently sold homes in the area into consideration.
We’ve got years of experience helping home sellers price their home properly. This is an important key to a successful sale. Price your home too high and you risk having your property stay on the market longer than necessary. Price your home too low and you risk losing money on the sale.
💵 How to Set the Right Price from the Start
We’ve mentioned the importance of knowing your home’s value and using the correct calculations to keep from coming in too high or too low. We must mention the importance of remaining objective during the process of setting your asking price.
It’s possible that you’ve lived in your home for a number of years and have plenty of amazing memories that are centered around your life there. Unfortunately, you can’t place a price tag on those happy memories and joyful times you’ll always remember fondly. Having the objective advice of your real estate agent can help keep things balanced, but you’ll want to be aware of the possibility of emotions rising to the surface during this time. Be kind to yourself and step away for a bit of air if needed. Setting the correct price is important but so is your peace of mind.
👥 How to Manage the Negotiations Process
You’ve done your research on your home’s value, and you’ve considered the helpful advice of your real estate agent. Now, you wait for offers. We hope that you’ll sell your home quickly due to the perfect offers coming in right from the start but be prepared to exercise some patience.
Your real estate will receive any offers that come to the table and pass them along to you. Once you receive an offer you have a few choices. You can accept the offer as it is presented. You can refuse the offer in its entirety. Or, you can respond with a counteroffer. If you choose to counteroffer, your real estate agent will go to the negotiations table on your behalf. That’s right, you won’t have to do that part yourself!
We are skilled negotiators, and we’re dedicated to helping you reach a favorable conclusion to the negotiation process. We’ll return to you with the response of the potential buyer. You always have the final say on whether you want to accept or refuse an offer.
Once you’ve accepted the offer, you’ll get ready for the next step in the process of selling a home. Your home with have an appraisal and any inspections that are needed. These are typically ordered on the buyer’s side. If everything comes back without issues, you’ll be on your way to closing day. If something shows up in an inspection that needs attention, your real estate agent may need to return to the negotiation table on your behalf.