Determining the right sales price is the key factor in selling your home. You should always try to be the best deal in the neighborhood in order to sell in a reasonable time frame. You should also find out information on the current sales in your neighborhood. You can access this information by:
Drive by some of the properties that recently sold (comparables) that compare to your property. Consider these comparisons:
You can also determine the price by paying for a professional appraisal. The appraiser will determine the value of your home by comparing sales in your neighborhood as well.
Supply and demand:
PRICE is important and is better determined by comparing your home's condition with neighboring sales. If there is another home similar to yours for sale in your area that appears to be a better deal by Price or Quality and Condition, then that home will be more desirable to a buyer than yours. THUS, pricing your home correctly to begin with is very important for a successful and quick sale.
• A property in wonderful condition with many upgrades that are generally acceptable to most buyers could be priced higher than a home that is in worse condition.
• A home in poor condition that needs paint, carpet, or new roof should be priced lower than homes without these problems.
Example: You and your neighbor three houses away have the same square footage and similar location. The neighbor's house is priced at $150,000, which is $5,000 more than your house. Your house has outdated flooring and an older roof, while your neighbor's house has a newer roof and completely renovated interior. Obviously, a buyer will lean more towards your neighbor's house even though there is a slight difference in price due to the condition of the homes.