How Do I Calculate My Price?
March 28, 2014 | Ryan Gibbons
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The best answer is “get help from a real estate professional.”
But…if you only have a few minutes for a video, ere are five points to consider.
1. Start With Measurement
Learn the average per-square-foot price for recent sales in your neighborhood. That won’t set your final price, but it’s a baseline buyers will use.
2. Get Comparisons
Ask for Comparative Market Analysis – “comps” – from several agents. Go through each comp with each agent to understand both competitive homes on the market AND each agent’s potential approach to yours.
3. Market Research.
Do your own! – not just online, but in person. That will help you understand your market conditions and the buyer’s perspective realistically. Markets get hot and cold, up and down, and yours defines the sales envelope for your home.
4. Consider All Terms
Price isn’t all there is to a sale. Can you close faster? Finance or lease-option the sale yourself? Cover some closing costs? Your flexibility can make sales leverage.
5. It’s Not Personal.
The hardest tip of all.
Most people are emotional about their home.
Pricing, in the long run, is going to logical.
They’re buying your house, not your home & memories.
Find a real estate professional you like and trust and let them help you through the process.
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