If you want to enjoy a successful home selling experience, it generally is helpful to establish a competitive initial asking price for your residence. With an aggressive price, you can stir up lots of interest in your home. As a result, you can increase the likelihood of a fast home sale.
Now, let's take a look at three tips to help you set a competitive initial asking price for your house.
1. Conduct a Home Appraisal
A home appraisal enables you to receive a property valuation. Then, you can use this valuation to determine how to price your house.
In addition, it often is beneficial to conduct a home inspection prior to listing a residence. An inspection allows you to receive insights into any home problems. Once you have a home inspection report in hand, you can prioritize house repairs and upgrades, improve your home and get the best price for your residence.
2. Evaluate the Local Housing Market
Take a look at the prices of available houses in your city or town that are similar to your residence. By doing so, you can establish a price range for comparable homes and use this information to decide how much to ask for your house.
Also, you may want to take a look at the prices of recently sold houses in your area and find out how long these residences were available before they sold. This housing market data can help you differentiate between a buyer's and seller's market.
3. Consult with a Real Estate Agent
Pricing a home can be difficult, particularly for those who are listing a residence for the first time. If you work with a real estate agent, however, you can receive in-depth house selling insights and ensure you are better equipped than other sellers to optimize your home sale profits.
A real estate agent is happy to help you set an initial asking price for your home that hits the mark with buyers. He or she first will learn about you and your home and create a custom property selling strategy. Next, a real estate agent will help you prepare your residence for the real estate market. And when you're ready to sell your house, a real estate agent will add your residence to the local housing market and promote your home to buyers.
Of course, a real estate agent provides lots of assistance throughout the home selling journey too. A real estate agent will offer honest, unbiased recommendations at each stage of the home selling journey. Best of all, he or she will respond to any of your home selling concerns and queries.
As you get set to enter the real estate market, you should consider how to price your residence. Thanks to the aforementioned tips, you can set a competitive initial asking price for your home. That way, you can generate significant interest in your house as soon as it becomes available.
About the Author
Kyung Kim
Hi, I'm Kyung Kim. I immigrated from South Korea to the United States in 1968 when I was 7 years old. I have seen my mom struggle with the English language and work hard to raise her four kids by herself. Still to this day, I don't know how she pulled it off, but she bought her first home in 1979 for $70,000 and because of that decision, she was able to live without worrying about her financial future. I want that for everyone, to feel the pride of home ownership and to build their financial wealth using real estate as part of their financial portfolio. I feel so blessed to play a small role in helping others reach this goal.
I live in Beaverton with my husband, Richard. My mom, who lived with us for several years, passed away in our home in February 2022. Her first home purchase in 1979 made it possible for her to live to the very end, without worrying about her finances. As of August 2022 with a little downpayment assistance, our four children own their own homes. Being in real estate, I quickly realized that if they didn't buy now, they may be priced out of the market in the future. Whether that would have been the case, we will never know, but what we do know is that they are all realizing some good, healthy appreciation in their home values.
As passionate as I am about people owning their homes, I'm also passionate about giving back to our community. I support Compassion First, a non-profit organization that provides aftercare for sex trafficked girls in Indonesia. My husband and I also feel called to financially support social injustice organizations.
I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
