Price your home in reality rather than wishful thinking
Step 1: Abandon your personal point of view. Step out of your shoes and be a shopper. How much would a willing, ready and able buyer be prepared to pay for your home? Buyers do not care how much you paid for the home, how much you need from this home to purchase the next home or how much time and money you have invested in hardwood floors or landscaping.
Step 2: Get a CMA (comparable market analysis) with an accurate analysis of the homes with similar features to your home that sold in the last six months. A good gauge for the sales price is the average price per square foot for those homes. Remember that you want an honest opinion; not an agent that will suggest a flatteringly high price to get your listing only to demand a price reduction within 30 days.
Step 3: Consider market conditions. Are homes selling quickly in your neighborhood? Are prices rising or declining? Are you selling in a buyer’s market or a seller’s market? Will your home be on the market in the spring home-buying season or the dead of winter?
Step 4: Some buyers are looking for more than just the price. Can they move into the home when they need to? Can you seller finance the home? The more creative and flexible you are in meeting a buyer’s needs, the more success you will have in selling your home.
Do not be tempted to figure what you paid for the property, add a healthy markup and start packing!!! There are scenarios to consider as part of the preparation of pricing and selling a home, so contact me to discuss them.