Ok, but really. Price is it. So to help you with this one critical piece of the home seller puzzle here is the first part of our top ten tips for successful home pricing:
- Look at the comps. Taking a look at what similar homes in your neighborhood are currently on the market for, and more importantly, at the actual price of recent completed sales will give you a great idea of what your home will ultimately sell for.
- Tour your competition. Drive by some of these comps. Check out their curb appeal. If there’s an open house, go for a quick tour.
- Price your home with the appraisal in mind. Appraisals are based on recent sales. If your appraisal eventually comes in below your contracted price your buyer will have issues with their mortgage lender, delaying or prohibiting a closing.
- DO NOT pay for your own appraisal. This might seem counterintuitive to number 3 above, however, you can get all the information you need from a reliable local Realtor to complete your own comparable study.
- DO NOT rely on the price per square foot valuation method alone. Every home is NOT created equal. Price per square foot can be used in conjunction with other pricing strategies to support your decision making process, but as a stand-alone method can end up costing you.