Kiplinger reported that the median home price as of January 2019 was $240,000. Of course, that figure varies widely depending on the location, with homes in San Jose, California at a median price of $1.1 million, and only $100K in the Scranton and Wilkes-Barre areas of Pennsylvania.
No matter where you are if you’re hoping to sell your house quickly, you’ll want to be sure and price it right. While it’s a good idea to check calculators to find out the answer to “What is my home worth?” and consult with a realtor for the best advice, ultimately it’s the buyers and not you who will decide what the value of your home is.
Hire an Experienced, Reputable Realtor
There’s arguably no better way to price your house to sell quickly than by hiring a pro. A professional, experienced real estate agent knows how to do the necessary research, including a comparative analysis to come up with the right figure. Another reason it’s so important is that it can be difficult to make a good business decision about a home that holds special memories – those emotions can easily skew a realistic view of the value. Take any advice with an open mind, trying to be as objective as possible.
Hire someone that knows your neighborhood well by getting referrals from neighbors, colleagues and/or friends, and then interview each agent thoroughly before you make any decision. Don’t sign any long-term agreement without coming up with a mutually agreeable, documented marketing plan.
Get an Appraisal
If you want to go beyond what the realtor’s market analysis determines, you might want to get an appraisal from a professional whose job is to determine what a home’s market value is. Like you would with a real estate agent, you’ll want to hire an appraiser that has plenty of experience with the homes in your community.
Compare Homes in Your Area
If you decide to go the FSBO (for sale by owner) route or just want to confirm what your realtor tells you, performing a comparative market analysis is a must. This compares homes in your particular area that are similar to yours in terms of general condition, age, square footage and upgrades, such as a remodeled up-to-date kitchen, an additional bedroom or extra bathroom. You have to be sure you’re comparing apples to apples, taking all of those factors into account to be sure your home is priced in the right range, in line, below or above the other houses on your block or in your neighbourhood.
Keep a Close Eye on Home Prices
When doing research on the homes in your neighborhood up for sale, keep a close watch to see if the prices seem to be rising, or if price gains are slowing. If you’ve been seeing drops, it’s a sign that you may have to price your house a bit lower than comparable homes in your neighborhood to sell it quickly. On the other hand, if they’re going up, you may be able to get that price you want and fast.
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