Coming up with the right price for your home is a science. It’s not based on how much you love your home or how much money you need to get out of it. Instead, it’s based on what a potential buyer is likely to pay for a home like yours, in your neighborhood, and in the current market.
Here are a few factors that go into establishing the right price:
Size and lay out
Generally, more space means more money, but unconventional layouts and inconvenient traffic flow can lower the price.
Number of bedrooms
More bedrooms equals more money, but there has to be a corresponding number of bathrooms.
Location, Location, Location
Is the home close to transit, commuting corridors, desirable schools, shopping, recreation?
Safety
Is the neighborhood well lit? Does it have sidewalks? Does it have a perceived crime rate? Are there any major power lines or pipelines nearby?
Modern appliances and systems
Are the heating, air conditioning, insulation, electrical, plumbing and appliances up to date?
Appearance
How well does the property show? Does everything look fresh and contemporary, or is it worn and dated?
Market health
If it’s a buyers’ market with lots of houses for sale, prices generally drop. In a tight market, prices rise.
Comparable sales
Recent sales of similar homes in your neighborhood set a precedent for how much buyers are willing to pay.
Mortgage rates
When rates are low, prices generally climb, and vice versa.
Season
Prices often have to be reduced in slow sales periods, like winter.
Online valuation tools
These websites (including local government assessment sites) provide a rough idea of market price; however, other factors still need to be taken into account.
The input of a seasoned local Realtor
Realtors take ALL these factors into account. They use their experience, judgment, local knowledge, and relationships with the Realtor community to set the correct price.
Call me if you’d like me to recommend a trusted local Realtor partner
.What is your home really worth?
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