When it comes time to sell your property, one of the most common questions people ask is, “How do I set the price on my home?”
Whether you’re selling your home with 4SBO or through another means, it’s always a good idea to come up with a fair price for your property on your own terms. Here are six tips that you can use to set a price when you sell your property.
Research The Competition
There’s nothing more important when setting the price of your home than looking at the data. Online portals offer a vast amount of information you can use to set a price on your home. Look at the past year for homes sold in your area, and note the square footage and sale price. Pay close attention to anything sold in the last three months, as this can provide the most insight into the current market conditions.
Stay Within 10%
This is a hard rule to follow at times, but try to stay at least around this number when setting the price on your property. As a rule of thumb, you’ll want to be within 10% of that of similar homes nearby – using listing price per square foot as your key metric. This formula provides you with a place to start, and you can go up or down from here depending on market conditions, renovations, or other factors.
Don’t Go Off Script
Even in hot markets, the best strategy when selling your own home is to price in line with other properties and accept multiple bids on your property. This is where you get to show off your negotiating skills, and really see profits.
Watch The Numbers
If you want your home to be found in portals and search engines, don’t price your home at $505,000, for example. Many buyers use preset categories, and if you’re around a big number, being slightly above it will limit your impressions. Your home will seen by countless more interested parties just below a big number, like $499,999, in this example. We don’t recommend cutting off a huge amount of dollars to adhere to this rule, but it’s something to keep in mind when pricing your home.
Get An Appraisal
If you really want to set your mind at peace, an appraisal on your property only costs around $300 to $500. It can come in handy when negotiating and get you close to the true value of your property. If nothing else, it’s a great place to start.
Work With a Professional FSBO Company
Working a professional For Sale By Owner company can be a great way to go to get the most value out of your home sale. At 4salebyowner.com, you get connected with a local agent who will help you through the home selling process. They will show you programs like Xome Super Seller, where you can leverage the power of real estate auctions and Xome’s marketing to get great value for your home.