When it comes time to sell your house, you want to get a good return on your investment. You also want to price your home in a way that makes it competitive, but does not leave a lot of money on the table. It is not easy to price a home to be competitive yet profitable, but there are a couple of steps you can take to create the best possible price for your home.
Compare To Similar Houses In Your Area
If there are other homes for sale in your neighborhood, then you can start visiting open houses to get an idea as to what your house may be worth. When you visit these other houses, you need to compare features and amenities with what you have. You are also going to want to take any remodeling into consideration as well. For example, if the house you look at is similar to yours but your roof is newer, then that makes your house slightly more valuable.
Consider The Improvements You Have Made
It is common for homeowners to overvalue the improvements they have made to their homes, which causes unrealistic pricing. For example, a new roof can help add a little value to your home, but it is also considered to be necessary maintenance that is not going to bring in as much as you might think.
A modernized and remodeled kitchen or bathroom will usually add to the value of your home, but a new coat of paint will not. You can find lists of improvements online and determine how much they realistically add to the selling price of your home. The key is to be realistic with yourself and not overvalue the work you have done.
Use Property Values
Your local government has an assessment value for your home that it uses to determine your tax rate. For most lenders and investors, the assessed value of your home helps to establish its selling price. If you are going to go above your assessed value, then that is when you take into account the improvements you have made.
If you go below the assessed value of your home to sell it, then you are probably not asking enough. Even if you need to sell your home quickly, you should still attempt to at least get the assessed value to avoid losing money.
Selling Your Home Quickly
If you want to sell your home quickly, then your selling price must be within the range of other properties in your area. In your mind, you should have a range of offers you would be willing to accept, and your stated selling price should be near the top of that range. Most people will attempt to negotiate you down, but you will still make money if you stay in your range.
Pricing a property for sale can be difficult. You can bring in an experienced real estate agent to help you price your property, or you can do it yourself. As long as your asking price falls in line with the other properties in your area, then you should be able to sell your home without feeling like you gave it away.