- Know your high- and low-end goals. Be sure to build in some cushion for negotiating, but remember to be realistic. Nothing holds up a home sale more than an inflated price.
- Factor in all the costs to selling your home. This includes agent fees, listing fees, loan payoffs and repair expenses.
- Get a home pricing report, which will show recent and pending sale prices of other homes in your area. Use your pricing guide to further understand home values in your area.
- Hire a professional appraisal. An accurate appraisal is key to pricing your home properly. 30% of deals are lost due to the home selling price being more than what the bank is willing to loan based on the appraisal.
- If your house has undesirable characteristics that cannot be changed—say, the size of the yard or its location on a busy street—you will have to deduct 5-10% from the value it might have if those characteristics were favorable. Do additional research to see how much you must deduct to compel a buyer to overlook those drawbacks.
Have questions about how to price your pad? Ask us in the comments or on Facebook!