Some agents suggest you only get one chance to make a good first impression… To potential buyers! And this first impression is largely based on ensuring the price of your property is effective to ensure a quick sale. However, many private sellers tend to over-inflate the value of their house. The result is the property remains stagnant, unsold and they have to eventually reduce the price of the house.
To get the most value from your home sale, price it right from the start.
Here are a few easy tips for effectively pricing your house for a quick sale when you don’t want to employ a real estate agent.
When you meet with an agent, they often tell you that the first key to selling any home is to ensure it is priced properly.
The best tool at the real estate agents disposal is creating a comparative market analysis. And believe it or not, it’s rather easy for an individual to create. While agents have access to the multiple listing service (MLS), sellers can use free tools (such as Zillow) to estimate this information.
The first step is to gather the sale prices of homes in your neighborhood that are of similar age, similar square footage, similar bedrooms and landscaping features.
If you can, find out how much these houses sold for, and how long it took the house to sell. It’s also important to compare those listings with ones that didn’t sell to see if they were priced too high from the start. You’ll most likely have to pay a healthy fee to local government offices or the MLS to access this information, but you can do it yourself.
Another easy way to consider the value of your home and thus effectively set pricing for your house in order to ensure a quick sale is to have an appraisal company inspect your property.
They will often use the same techniques that real estate agents use to gather information about previous home sales in your area. They also use their vast experience in appraising local properties value to come up with a solid value price. This however is not a price that you should sell your property. It just ensures that your property is worth what you are asking based on the information above. Hiring an appraisal company can often cost between $500-$1000 for the inspection. And it will give you a good baseline to effectively price your property for a quick sale.
If you’ve read the above two options for pricing your home and think to yourself, “that’s a lot of work and money to spend” you might consider working with a company that buys properties as is and pays fair market value for the property. Believe it or not, there are a few reliable and trustworthy companies who will purchase homes and provide their owners with a quick and market-value sell of their property without collecting huge percentages of their profits that are often associated with real estate companies. This reduces your stress, ensures you receive true market value for your home and gives you the cash quickly to use for down payments or other important needs.
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Lisa is a local real estate investor in Austin Texas.