Setting the asking price for your home is one of the single most important steps in home selling. The price of your home will help draw in the right buyers to your property, but it can also eliminate many buyers from considering your home for purchase.
Properly pricing your home can attract qualified buyers. The idea that all homes in the same area are created and priced similarly is an antiquated standard. While you do not want to overprice your home, it is imperative that you not leave money on the table during the sales process.
Finding the sweet spot between a maximum asking price and loss of appreciated value is a difficult job that requires experience. The help of a licensed realtor can be invaluable when arriving at the perfect price tag for your home.
Depending on the current conditions of the market, the right price of your home is a fluid concept, and a fluctuating market can greatly affect the final value of your home. When setting the asking price of your home, the amount you paid for it should have the least amount of influence on the ending price tag.
Homes are typically priced 5 to 10 percent above the researched asking price in the market. In the most volatile markets, some homeowners enlist the aid of a home appraiser, but the least costly way would be finding a realtor in the Arlington area.
If you need help finding a realtor, then consider consulting the realtor rankings in your area. A top licensed realtor will be an expert at pricing homes in your area of Arlington.
They will begin by studying the sales history of the area, and from there they will be able to find out what the trajectory is for the neighborhood. They will also research similar properties in the area using factors like size, location, and building age. If you have properly utilized the realtor rankings, then your top licensed realtor will make it a point to visit other homes on the market that are similar to yours, as a point of reference.
Sometimes an area is hot. If you are living in an older home in a newly revitalized area, then the location will certainly come into consideration when pricing your home. This factor, in particular, makes using an experienced realtor a huge asset.
Realtors have a wide range of tools at their disposal that they can employ on a seller's behalf. Hiring an agent from HFMA can provide access to the most recent data needed to price your home, and our agents can help you find the most appropriate sales price for your property using their experience and expertise.
If you choose not to utilize a realtor, then make sure to keep an eye on the competition in order to remain in the running. You don't want to price your home too far above the median asking price in your area.
Learning how to price your home isn't easy, but a great start is understanding how home prices are determined in the Arlington market. Contact us to find out how we can help you price your home like a pro.
Tanya Stewart
Ms. Stewart holds a B.S. in Engineering Psychology from the University of Illinois, Champaign-Urbana and Juris Doctorate law degree from the University of Georgia, Athens. She has over 15 years of experience running different businesses. She taught Marketing and Strategy for the Georgia branch of GKIC, a global Entrepreneurship & Marketing company.
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