Price – it’s the first thing buyers look at before choosing a house. Everyone has a budget and everyone is looking for a deal. But not many homeowners know where to price their home at. They want to attract buyer attention, but they don’t want to lose out on potential money – which is why having a good real estate agent matters. Understanding current market trends and having in-depth knowledge is a must to setting a price that is beneficial to both buyers and sellers. So, take a look at the factors we use to set a home’s price:
1. The Home: Condition & Amenities
It’s the home that you’re selling, so it’s the first place we start when determining a price range. After our initial discussion, we’ll come out to your property and give it a self-evaluation. Features we pay close attention to include:
- Condition Your home’s condition will set the tone for how buyers will perceive it. As a result, it will affect the price they’re willing to pay. If your home is in pristine condition, it will have a higher value.
- In-home Amenities What your home offers buyers is also important. From the amount of rooms to the age of the appliances will all have an impact on pricing. If you have top of the line appliances and there are extra rooms to convert into home offices, buyers will be willing to pay more.
- Curb Appeal First impressions matter in real estate. A good looking yard and home is going to create a positive reaction for buyers while a house that needs up-keeping will generate negative impressions. The more appealing your house, the more value it creates.
2. Location, Location, Location
That phrase (above) is nearly a cliché now — but it’s that important. People want to know how far they need to drive to work from your home’s location. The longer, the less convinced they are to make an offer. Buyers also want to make sure they’ll be located near great schools, so their children can receive a great education. If you happen to be so, then your home’s value will rise. They also want to be located in a safe neighborhood that is convenient to other city amenities (i.e. restaurants, grocery stores, etc). The better the location, the more buyers are willing to pay — so location greatly impacts your home’s value.
3. Current Market Trends
A lot of homeowners think because their home is a 5 bedroom/4 bath luxurious estate, they can ask for any amount on their home, but it’s far from the truth. Even if you have a great home in a great location, you are still dependent on the real estate market. If buyers aren’t buying at the moment, you will have to bite the bullet. The real estate market will determine what buyers are willing to pay, how much they can afford, and so on.
Any price suggestion we offer will be based on these 3 factors: Your home, property location, and current market statistics. Together, they give us an accurate picture of what price point will earn you the most money, but what will also catch the eye of buyers. If you’d like to talk about your home’s selling point, contact us today.