Is Your Home Underpriced?

by Marsha Charles 06/09/2019

As a home seller, you likely want to set a "fair" initial asking price for your residence. Because if you fail to do so, you risk pricing your home outside of your target buyer's price range. Perhaps even worse, you risk pricing your house too low – something that may cause you to miss out on the opportunity to maximize your home sale earnings.

Ultimately, there are lots of things that you can do to ensure you establish a fair initial asking price for your residence, and these include:

1. Study the Local Housing Market

For home sellers, it is important to perform plenty of research before you list your residence. If you assess the local housing market closely, you can obtain insights that you can use to set a fair initial asking price for your home.

Evaluate the prices of available houses in your city or town that are similar to your own. This will help you determine the price range for comparable houses in your area.

Also, find out how long some of the recently sold houses in your city or town were available before buyers purchased them. This can help you differentiate a buyer's market from a seller's market so you can price your house appropriately.

2. Conduct a Home Appraisal

A home appraisal delivers immense value, as it enables you to receive a property valuation. Once you have a property valuation in hand, you may be better equipped than ever before to determine how to price your house.

In addition to a home appraisal, you may want to conduct a house inspection as well. During a house inspection, a property expert will review your home and identify any underlying issues. You then can use a house inspection report to prioritize home repairs and upgrade your residence before you add it to the local real estate market.

3. Work with a Real Estate Agent

As you search for ways to get the best price for your home, you may want to hire a real estate agent. In fact, if you have a real estate agent at your side, you can receive comprehensive support throughout the house selling journey.

A real estate agent will learn about your home and help you determine exactly how to price it. Next, he or she will promote your residence to buyers. And if a buyer submits an offer to purchase your residence, a real estate agent will help you decide whether to accept, reject or counter this proposal.

Furthermore, a real estate agent is a home selling expert who is happy to share his or her housing market insights with you. If you ever have concerns or questions as you navigate the house selling journey, a real estate agent can address them.

Setting the right price for your home sometimes can be difficult. Thanks to the aforementioned tips, you can establish a fair initial asking price for your residence. As a result, you may be able speed up the home selling journey and optimize your house sale earnings.

About the Author
Author

Marsha Charles

Consistent top listing and selling agent receiving Chairman's Club award for superior sales achievement almost evey year while associated with Preferred Properties, Inc. Consistently receive the International Presidents Premier award for sales volume since joining Coldwell Banker Residential Brokerage and ranked in the top 1% of agents in Connecticut and Westchester County. Received recognition as a Top Five Sales Recepient for customer satisfaction since 2010 and listed in Westchester and Connecticut Magazine. Member Top Agents in Connecticut listed by Real Trends. Works with Sellers and Buyers with a strong understanding and attention to needs of those who are relocating . Background and experience in advertising, public relations and photography offer creative and innovative marketing plans for sellers. Realtor designations include: Graduate Real Estate Institute, Certified Residential Specialist, Certified Residential Marketing Specialist. Served as President of New Canaan Board of Realtors,Currently serve as director of the New Canaan Board of Realtors and chairman member of the Professional Standards committee. Named Realtor of the year by the New Canaan Board of Realtors. Married and the Mother of four children who attended and graduated from the New Canaan School System .Member of New Canaan, Darien, Greenwich and Statewide MLS systems. Areas covered include New Canaan, Darien, Greenwich, Rowayton,Norwalk, Wilton and all of lower Fairfield County.