Are you thinking of putting your home up for sale? Choosing the correct list price for a home is a skill that not most people possess. That’s why most people have realtors to help them ascertain an achievable listing sales price for their property.
If you don’t have a realtor on speed dial, here are a couple of tried and tested methods you can use to determine your house list price:
- Consider your Home’s Location
In most cases, location supersedes home size when it comes to determining your property’s market value. Consider upping your house’s list price only if it has:
- Easy access to public transport and major highways.
- Excellent infrastructure
- Proximity to shops, schools, and other essential points.
- Access to recreational facilities or parks
These four factors are what most buyers ask about before assessing if the home satisfies their needs.
- Perform an In-Depth Comp Analysis
Comparables, or “comps,” refer to the overall worth of nearby properties within a particular neighborhood. The figures you come up with will help determine the value of your own home.
Some of the best comps originate from properties with similar features and square footage. If a home was recently purchased, enquire about its selling price or ask for an estimate of its current value. For a thorough comp analysis, consider factoring in upgrades, updates, and anything else that will impact its worth.
- Use a List Price Estimate Tool
Realtor.com has a popular home value tool that helps you place an almost accurate list price. Yours is just to key in your home address, and you’ll get a long list of data, including its initial cost and current price estimation.
From the data, you’ll get a comprehensible visual of your town’s market trend that will also be useful if you wish to list a house for sale.
- Acquire an Appraisal
Appraisals aren’t handy only in cases where you need to sell or refinance your home. As a homeowner, you’re at liberty to hire a private appraiser to give you a comprehensive property estimate.
Appraisers factor a lot when it comes to giving near-accurate list prices. Some of them include the local market trends, interior/exterior property features, and comparables. They can also make significant determinations contingent on your floor plan’s functionality and flow.
Before you opt to sell your home, perform the necessary renovations and ensure it looks its best. You can expect a significantly lower sales price if your house looks less than pristine or if you impose limits on showings.