How To Choose Your Home’s Price

The best way to sell your property is to correctly price it when you first put it on the market.

What many people do not realize is that it really does not matter what you think your home is worth. The market will make the decision despite how you feel or what you think. Price the home to high it will sit unsold until prices rise high enough to make it correctly priced. In a declining market you simply will not sell your home.

Here are some methods for pricing your home:

* Don’t go by what you purchased your property for. Say you move in three years ago and the local values were moving up, and since then things have started to decline. Maybe homes like yours are priced for less, and you’ll just waste your time waiting for prices to catch yours.

* Don’t decide your home’s price on how much you upgraded. A given area will support only a given value which means if you over improve the house you may never see those improvement reflected in the price of the home.

* Don’t go by your tax assessment figure. Even in areas that look at full-value assessments, the amounts are rarely in line with what buyers are currently purchasing homes for.

So what is the best method to determine the price of your house?

By putting yourself in a purchaser’s position.

What else is for sale in the area? How does it compare with your house? How long has it been on the market? What has sold recently, and how much did the buying public value it at? What has failed to sell in the past year? Your local Realtor will be able to get his information for you and help determine the correct price.

So your best bet is to get a CMA or Comparative Market Analysis on your home done by a Realtor. Most Realtor will do this for free, you may find it a real eye opener.