Avoid the most common mistake novice home sellers make. They don’t check comparable sales and just put the home on the market. It sounds too simple to be true, yet it happens all the time. At other times, they don’t check the highest and best value of the property and sell a prime development property for pennies on the dollar. One savvy investor bought a prime development property for $275,000 and resold it for more than $1 million! The sellers made the mistake of selling their property without checking out all their options. HOW TO PRICE YOUR HOME IN A SELLER’S MARKET Sold homes don’t matter that much. You should price your home to be competitive with the other homes on the market. But, you don’t have to match the price of what homes have sold for. For example, a home recently sold that was seemingly $100,000 overpriced. Comparable homes were selling for about $525,000 to $550,000. However, home prices in the area were increasing rapidly. Nothing similar was available for less than $650,000. The seller owed $650,000, so they priced the property at $699,900. And guess what? It sold three months later for $674,000. HOW TO PRICE YOUR HOME IN A BUYER’S MARKET Is your local market a buyer’s market? One where the supply of homes for sale exceeds demand or where prices are abnormally depressed? If so, then look at all the other homes for sale and make sure your home is priced competitively. If your home isn’t selling, you’ll need to adjust the price until it sells. This is never fun. HOW TO DETERMINE YOUR HOME’S EXACT VALUE There’s more than one way to find out the value of your home. You can use the followingmethodby itself. However, a combinationof some or all these suggestions will probably give you the best pricing direction. Hire an appraiser: One way you can get an accurate valuation is by consulting a professional. Many appraisers will charge hundreds of dollars to give you a reasonably accurate home price estimate.
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