Tips On How To Choose The Right Asking Price When Selling A Home

Posted by Jennifer Dollar on Wednesday, April 18th, 2012 at 11:12am

check_out_prices_400Choosing the right asking price for real estate for your sounds a lot easier than it is.  You would think that you could just figure out how much your home is worth, pick a price in that range, and be done with it but that's not how it works.  Here are some tips that will help you choose the right asking price so that you make the real estate sale and make some money too.

Check Prices In The Local Real Estate Market

The prices of houses fluctuate.  These days almost everyone is aware of this fact but not everyone realizes that the local real estate market is more important that the overall real estate market.  Check the prices of comparable homes in your local area to start getting an idea of how much you should be asking.  Don't forget to check if those homes are selling at their listed prices or if they're just sitting on the housing market.

Gauge Local Interest In Buying And Selling

Are people buying and selling homes in your area?  Are they buying more or selling more?  Also, who is buying and selling in your area?  This last question can tell you more about what potential buyers will be looking to pay.  People looking to buy homes may be looking to build lives in the area or they may be looking for cheap homes to sell later.  Answering these questions will help you to see if the housing market is flush with homes for sale to serve as your competition and if there are enough people buying for the right reasons so that you can aim for a slightly higher asking price.

Get A Professional Appraisal Of Your Home's Worth

You want to get a professional appraisal of your home's worth and you might even want to get more than one.  As much research as you do on your own, a professional appraiser will be able to tell you what professionals will think your home is worth on the current housing market and why.  This step will also help to make sure that your own efforts to come to a decision are on the right track.  Again, if you feel one appraiser gives you an inaccurate estimate of your home's worth then get another.  This is an important decision so you want to be sure.

Consider Delaying The Sale

Sometimes it is easier to get the right asking price if you delay selling your home.  This is not always an option but it is an option to be aware of.  It may be easier to get the amount that you want down the road if selling now isn't completely necessary.  Of course, if you have the time to spare then you can always go with the asking price that you like best knowing that you're not in any hurry to make the sale.

The right asking price is crucial when you are selling real estate.  You want the home to sell but at the same time you want to get the highest price you possibly can.  Use these tips to get a clearer idea of what the right asking price is so that you can get everything that you want out of selling your home.

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