Pricing your house can be gut-wrenching. How do you know how much your house is worth? You want to get the most profit possible, and you dread the idea of losing money. Certainly, you want to sell your home in Bethesda and keep it simple! Although no one can tell you matter-of-factly what you should charge for your house, there are some tips and tricks to consider when pricing your home to sell.
Neighborhood Research on Pricing a Home in Bethesda
One of the first things you can do is scout your neighborhood. Explore other houses in your area that are for sale and take a good, honest look. If possible, attend an open house so you can explore the interior and exterior to see how your home compares to the competition. If you were the buyer, would you choose that house or yours? But don’t let the asking price of those properties fool you. Asking prices are imaginary, and selling prices are factual. Asking prices are what the sellers hope to get whereas selling prices are what the buyers were willing to fork over.
Home Valuation Calculator
Your next course of action may be an online home valuation calculator. These are somewhat enlightening because at least they give you a rough ball-park figure, but they’re certainly not accurate information to on which to base your sales price.
Home Pre-Appraisal to Price a Home in Bethesda
A pre-appraisal can provide you with much more detailed information based on the property’s location, size, features, and condition in the current real estate market. Although you cannot use this pre-appraisal in the actual transaction, you can use it to gain insight about how to price your home, but also obtain a list of items you may be able to upgrade for low investment and high profit. For example, the pre-appraisal may deduct for items such as rusty doorknobs, squeaky faucets, torn window screens, etc. These are all minor quick fixes. Appraisers often work in $500 increments. What may cost you a mere $50.00 to repair or replace in response to your pre-appraisal could equate a $500 increase in your home’s overall value.
So you’ve toured the neighborhood houses for sale, used an online home valuation calculator to get a rough idea, and you’ve ordered a pre-appraisal to find out what your home might be worth in the current real estate market. Your next step, then, is to rely on the experience and advice of your real estate agent.
Ask Your Real Estate Agent
Your real estate agent has access to something called a Comprehensive Market Analysis, or a CMA for short. The CMA records a list of recently sold houses in your area. Furthermore, the list is refined by houses that are like yours in the number of bedrooms and bathrooms, square footage, and other similarities. Then, the report shows what those houses sold for, and how long it took them to sell.
Unfortunately, you cannot base the selling price of your home on the price you paid when you first bought the house. Real estate market values shift with real estate market trends. Many factors contribute to current market values, and those trends may add to your home’s worth, or subtract. You may opt to hold off on selling your property until trends shift in your favor, but there are no guarantees.
Detach Emotionally When Pricing a Home in Bethesda
Furthermore, you cannot attach value to your sentiments. In other words, there is no such thing as sentimental value when pricing a home. When pricing your home to sell, as difficult as it may feel, you must separate your emotion from the transaction. Although your home may be a treasure chest of precious memories you’ve created over the years, to potential buyers, it’s just a house. In fact, it’s a house in which they hope to make their own memories. Your experiences do not translate to monetary value when pricing your house for sale.
Pricing a house too low from the start could painfully cut into your bottom dollar. On the contrary, pricing a home too high initially could mean it stays on the market longer and experiences more price cuts. The longer a house is on the market, and the more times its price is reduced, the less interested buyers become.
Don’t leave the pricing of your home to random guesses, chance, or luck. Instead, do a bit of research and trust the industry professionals to guide you on the journey to pricing your home to sell.
Your real estate agent is the best source of information about the local community and real estate topics. Give The Lise Howe Group a call today at 240-401-5577 learn more about local areas, discuss selling a house, or tour available homes for sale.