Last Updated on June 25, 2023
As a rule of thumb, a home’s asking price should be within 10% of the price of average homes that have sold recently in your neighborhood. Listing your home for the right price is essential if you want to get the most money for it while also ensuring it doesn’t stay on the market too long.
When trying to price a home accurately, there are many different things that you should take into consideration. Having an understanding of your local market or working with an agent who does can be a big help when choosing an asking price.
In this guide, we’ll tell you how to choose the right price when selling your home.
Why You Should Choose the Right Asking Price
Choosing the right price for a home is essential when selling. You shouldn’t overestimate or underestimate the value of your home and should choose a reasonable asking price.
Pricing your home right will help ensure that it doesn’t stay on the market too long while also helping you get as much for it as you reasonably can. Understanding the market and choosing a good price for the home is necessary to ensure that you’ll meet both of these goals.
In addition to selling your home for the right price, you might also want to consider the time of year that you sell it as well.
How to Price Your Home
So how can you price your home accurately? Here are some of the ways.
1. Work With an Agent
When working with a local real estate agent, you can rely on their knowledge when choosing an asking price. A professional agent can create a comparative market analysis (CMA) to give you a clear estimate of how much you should be asking for.
A CMA will compare your home with others that have sold in your local area recently. This can help give you a better idea of what to ask for when selling your own home.
2. Get Your Home Appraised
Professional home appraisals can also play a role in determining a good asking price. A home appraisal can help you get a very accurate idea of how much your home is worth. While buyers often hire a home appraiser during the buying process, sellers can hire a home appraiser as well.
A home appraiser will walk through a home and consider all the details when determining the home’s value. They’ll also take external factors into consideration as well.
3. Use Online Valuation Tools
Although they’re usually not as accurate as valuations by agents and home appraisers, online tools can help you get an idea of the value of your home as well.
An online tool on a site such as Zillow can help you get an idea of your home’s value based on market conditions, recent sales in your area, and the details that they have on your home such as the number of bedrooms and bathrooms in it. While they’re not perfect, these tools can be useful when used in conjunction with other methods of valuing your home.
Pricing Your Home Accurately
If you want your home to sell fast while also making a lot of money on the sale, you should price your home correctly. Choosing the right asking price will help make the home-selling process smoother and more rewarding.
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