How to Pick the Best Sales Price to List Your Home and Sell it Quickly

Posted by  on Apr 16, 2009
 
If you are looking to sell your home, how do you determine at what price you are going to list the property for sale? If you are working with a Realtor, you would be wise to listen to their suggestions. You also have to consider numerous other factors involved in the pricing process.

You know what is owed on your home (or at least you should) and know how much you will need to payoff any existing mortgage or home equity loans on the property. The remaining monies, and hopefully there will be, is the profits with which you can use to purchase your next property.

With the popularity of online real estate shopping one important factor to think about when setting the listing price is to place it in a suitable search range online. Remember, if you list your home for $305,000, you might miss anyone who is searching for homes with a maximum sales price of $300,000.

Obvious factors when finding that magic number include: how the local real estate market is doing. Get lists of homes in the area which have been sold in the last six months and see which homes most closely match your properties descriptions. While all homes are not the same, it will at least give you a better idea as to what others where willing to pay. With these lists, get the listing price versus the final sales price so you can see if there was any deviation between the two. Also pay special attention to the number of days the propery was on the market to best gauge current morket conditions and to help you determine just how long it might take to sell your property.

When you set your listing price are you taking into consideration, especially in a buyers market, that you might receive offers on the propery well below the asking price? Set a bottom line number and work up from that figure. In a sellers market, a lower asking price might turn into a bidding war and you might get an offer in excess of your original listing price. If you start with too high of a listing price, you might scare away potential buyers. Stay away from Realtors who might suggest a higher than average listing price for your home as they are most likely trying to buy the listing, knowing full well that in some period of time, the price will have to be reduced to a more reasonable figure.

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