It’s said that there’s a buyer out there for everything. That’s absolutely true – no matter its current state, there’s someone out there ready to buy your property without complaining too much.
The catch? The price. Knowing how to price your rental property is definitely among the more difficult aspects of real estate sales. You could sell it tomorrow or wait for years to find a buyer – the price you’re asking for will usually be the main difference. Here’s how you can price your home to sell that suits everybody.
Do you have an urgent need to sell your home?
How long you’re willing (or able) to wait will play a huge role in how much you can get for your home. Sure, we’ve all heard of people selling their homes for way higher than they’re really worth, but how long were they sitting around until that one buyer willing to pay up came along?
In most cases, the person buying the property over its value will be someone who feels it’s perfect for them and therefore doesn’t mind paying a little extra to snatch it, but good luck finding this person ahead of time.
If you can wait for what could be months or years, don’t be afraid to ignore your real estate agent’s advice and make the price higher. Why wouldn’t you, after all? If you can’t sell the property in a couple years’ time, you can always adjust the price tag accordingly.
But if you’re faced with a quick need for cash or would simply like to sell and move on with your life, you’d do well to follow the aforementioned realtor’s advice and adjust your home’s price in accordance with its surroundings. Speaking of…
Are you aware of the median housing price in your neighborhood?
As much as every life coach will urge you to never make comparisons, sometimes you just gotta, and this is one of those times. Before selling your home, get a good grasp of how much the average home in your ‘hood costs and work from there.
Your next question should be: Is my home in a better or worse state than the homes of my neighbors? If it’s a case of the former, you’ll have more leeway to increase the price. In latter cases, you’ll have no choice but to drive the price downwards in order to make the property more appealing to a wider range of buyers.
Price Your Home To Sell
No matter its relative state, you should always know the price of the cheapest as well as the most expensive home in your neighborhood. Never go below the lowest price even if your home really feels like it could use some work. Similarly, while prepping your home, don’t make additions that will cause the price of your home to exceed that of even the priciest homes in the neighborhood.
While this might seem like a good idea, it’s going to make finding buyers a nightmarish ordeal – you’re nearly guaranteed to be better off saving that money instead of hoping it will return come sale time.