Pricing it Right
So you own a great home and love everything about it, you love the layout, high ceilings throughout the home, your kids love the school they go to and the neighborhood is safe. However, you just got a new job, need to relocate and want to sell your current home to someone who loves it as much as you did when you first saw it! Often times you price your home according to how you feel about it. It’s an amount that you see fit to get back everything you put into your home.
But how do you determine if your home is priced right? If you’re not sure how to price your home, here are some factors to help you determine the true value of your home.
What is Your Neighbor’s Home Worth?
By finding out your next-door neighbor’s home cost, you can better understand the value of your own home, if it’s a substantial amount lower than the price that you are thinking for your home, then you may want to rework those figures to ensure that you are in balance with the homes nearest to yours.
Where is Your Home Located?
Take a look at your neighborhood. Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better. Consider everything from curb appeal to the school district to the crime rate. How far are you away from entertainment or the nearest grocery store? These factors are out of your control, but unfortunately they still play a role in how much you can charge for your own real estate. The quality of the surrounding area will drastically affect your home’s value for better or for worse. Depending upon these factors, you may want to adjust the value of your home sale price.
Have You Made Updates?
If you have not made updates to your home, you may want to start. Your home may be beautiful on the outside, but if you have not updated your home since you first bought it, then you should consider fixing or renovating parts of it. Even though items that you update may depreciate, even the most minor fixes to your home will add value to your open house. Paint, carpet and some additional curb appeal will not add much value to the home, but they will definitely help sell your home faster. On the flip side, remodeled bathrooms and kitchens can raise a home’s price, and so can less flashy upgrades like a new roof or HVAC system.
Don’t Simply Price According to What you Owe on Your Home
Everyone wants to make a profit off their real estate. It was supposed to be the biggest, best investment you’d ever made. But, if you base your asking price on how much you still owe on the mortgage, you are almost certainly going to overprice your home.
Choose the Right Agent
While the points raised above are important; it truly is most important that you find a neighborhood and community specialist as your agent who is there to provide a detailed knowledge of price as it pertains to your home and the upgrades that the market is currently favoring. While many houses have similarities, no two houses are the same. And while updating a home provides direct quantifiable value; the market varies on what it sees as the the most important improvements.
Coal Creek Brokers is located in East Boulder County and focuses itself on the changes in the local neighborhoods in each East County community. We know how to price your home not only to SELL, but more importantly how to SELL at the HIGHEST price. In a seller’s market like we have now, any home can sell, but it’s strategic pricing that insures highest price. With over 12 years of East Boulder County market experience, we will walk you through our means of obtaining the optimal starting price to get you the most for your home. Getting this number right is the most critical part of the listing process. From the very first day that you list your home, you want to be listed using the strategic plan for optimizing value. In a seller’s market, days on market work by the law of diminishing return, there is an apex for optimizing price. We understand this nuance and provide this intelligence to every client. So gives us call and let us find your right price.