Dec 11, 2013
If you’re a current Wake County home owner who is considering selling your property anytime soon, one of the first important decisions you’ll have to make is selling the list price for your home.
This number is quite important if you set it too high, you risk scaring away potential and interested home buyers. And if you set it too low, you risk losing out on your hard earned investment.
Today, I’m going to tell you 7 tips for pricing your home right on the Wake County real estate market.
How to Get the Right List Price for Your Home
First, you’ll want to check out comparable homes for sale in your area. Real estate agents will sometimes refer to these as the “comps.” These are homes that are for sale in your neighborhood, those that have recently sold and those that used to be for sale.
Consider comps in the context of current market conditions. For instance, if there’s less inventory on the market, you have more wiggle room to set the price higher because you’ll know that demand will be exceeding supply.
Next, don’t pay for an appraisal. The home buyer is going to get an appraisal to secure a loan, so you don’t need to get a separate one in order to price your home. Instead, rely on information you receive from your real estate agent as well as market conditions to tell you what the list price should be.
Don’t overemphasize price per square feet. While this metric can be valuable as a general rule of thumb, it shouldn’t be the deciding factor on what your home’s list price is. There are so many other factors to consider when pricing a home, including amenities, layout, location and more!
Ignore irrelevant factors. There are a number of factors that sellers like to consider when pricing their home that actually shouldn’t have anything to do with the ultimate list price. Those include the price you paid for your house, the amount you want to net from the transaction and the price your home would have fetched several years ago.
Don’t Overestimate Home Remodeling Projects. Yes, a major renovation to the kitchen may elevate your list price, but a new vanity in the bathroom isn’t likely to have much of an impact on your list price. Remember, some of those upgrades were solely meant for your enjoyment – they might not actually give you a better sales price in the end.
Don’t over-price. It’s the number one mistake sellers make because they think it gives them extra negotiation room. In reality, it just keeps home buyers far away. And in the end, an over-priced home turns into a reduced-price home, which is never good for the seller’s interest.
Choose a Price. In the end, pricing a home is more of an art than a science. So once you’ve carefully considered the above factors, choose a list price and walk forward with confidence. You’ve done your homework. Now it’s time to see how the market reacts. Luckily, your real estate agent will be with you every step of the way!
Your Wake County Home Selling Experts!
We are your dedicated Wake County REALTORS® and we have assisted sellers just like you in such markets as:
- Apex, NC
- Cary, NC
- Garner, NC
- Raleigh, NC
- And others!
Contact us today to learn how we can assist you!
Until next time,