Setting the asking price for your home is one of the most important parts of the home selling process. Set the price too high and you risk a long market time. Set the price too low and you could lose money. Here are some helpful tips to consider when pricing your home to sell.

💲 Asking Price vs. Selling Price

The asking price is the actual price that you set and hope to get from a potential buyer. This is the price people will see listed with your home when they do a search online. While you want to get the highest return on your investment, it’s important to remember that the asking price doesn’t always match the selling price.

The selling price is the amount that you accept from a buyer. For example, your asking price may be $200,000, but you choose to accept an offer of $180,000. The amount you accepted is the selling price. Ideally, you want the asking price and the selling price to match as closely as possible.

💵 Determine Your Home’s Value

You can do some initial research using an online home valuation tool. Though this only gives you a rough idea of the value of your home, it’s a good place to begin. You may want to check recent property tax documents, as well. Keep in mind that it’s important to detach emotionally when you’re trying to set the asking price. Although you may have precious memories that cover many years, those emotions and memories don’t translate into value for potential home buyers. Do remember upgrades and how your property compares to others for sale in your community.

🙋‍♂️ How Your Real Estate Agent Can Help

Your real estate agent is going to be a great asset when it comes to determining your home’s value. They are going to look at a number of different features that include the size of the home, specific rooms, recent upgrades, and location. Your agent will offer you a comparative home value that helps you when it comes to setting the asking price. Since there is more to setting the price than home value, your real estate agent will advise you on current market and local trends when it comes to properties in your area selling. Listen closely to their wisdom, but rest assured that it is always your decision when it comes to the final word on setting the price.

💰 Set the Right Price from the Beginning

As we mentioned in the beginning, you want to hit the right spot when it comes to asking price that stays away from being too high or too low. Potential home buyers are looking for specific things when they search properties, and one of the most important things on their list is budget. You want the price of your home to catch the attention of potential buyers. Giving some wiggle room for negotiations may be wise. Check with your real estate agent to see if this is the case in your situation.

Your real estate agent is the best source of information about the local community and real estate topics. Give Peter Klein a call today at 720-771-5757 to learn more about local areas, discuss selling a house, or tour available homes for sale.

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