How to price a home for sale
Be sure that the base price you set for your house includes some wiggle room for negotating. (Photo courtesy of Angie's List member Christine C.)
Putting the right price on a home depends on several factors. You may have heard that location is the main consideration. But so is size, condition and other aspects of a home.
A real estate agent has access to price and other details of many listings. An agent can get a good start on pricing your house by reviewing sales information on similar, nearby homes. An agent will also factor in homes that were taken off the market or ones that experienced significant price drops.
Many real estate agents will recommend that you hire a home appraiser and home inspector before you decide the home's asking price. All of this information will provide a better idea of the home's value and whether you'll need to make improvements if you want a quicker sale or certain price.
SET BASE PRICE WITH ROOM TO MOVE
The base price you finally set should be at the highest market value based on current market conditions. If homes are selling slowly or at lower prices, you may have to lower your price to compete with other listings. Setting your home at the highest possible price will leave room to reduce the price and negotiate once you begin receiving offers.
After factoring in all available information, your agent will give you the price he or she believes will get the house sold while still benefiting you. You may not agree with the agent's suggested price. But keep in mind that a reputable, experienced agent wants the house to sell as quickly as possible at the best possible price.
When preparing to sell your home, read the Angie's List Guide to Real Estate Agents. Also, keep in mind how Angie's List can you make a good hiring decision. Members have access to local consumer reviews on real estate agents and more than 550 other categories of service provider.