One of the more challenging parts of selling a house is finding that magic listing price — that allusive price that will attract the most home buyers, but is also at or higher than what you want to get for your home. Cathy Spacek understands that if you’ve been living in a house for decades, the emotional attachment to your home is priceless, so here are some practical tips to selecting your listing price.
Even if you spend days or weeks doing research on comparable houses in the Houston area, it’s still important to get a professional appraisal on the house. The last thing you want is for a sale to fall through when the bank won’t loan the listing price to a homebuyer because the house was appraised for a lower amount.
After doing some market analysis with your real estate agent, make your first listing price the best price. New listings in Houston get the most views right after the house was put on the market. When your price is too high, buyers might pass it up completely, it will sit on the market for longer, buyers may assume something is wrong with it, or buyers will submit a low-ball offer.
Comparative Market Analysis
Setting a listing price is partly the professional appraisal of the home and a mix of three types of comparables: active listings, sold listings, and expired listings. Look at three to five comparable homes within those categories and you can get an overall idea of which prices work and which ones don’t.
Look at the Big Picture
There are a lot of factors that go into selling a house, including the market, the condition of the home, as well as some factors that you may not consider, including things like the size of the yard, if your home is on a busy street, and what school district the home is in. If there are any negative factors, deduct five to 10 percent from the price to make up for the negative aspects.
Learn more about Realtor Cathy Spacek, and for expert guidance when selling a house, get in touch today.