How To Price Your House Before Selling
People sell their houses for many reasons, including maximising investment returns and relocating. Whatever your reason is, knowing a few essential house-selling tips is important. That will ensure you sell the house for its true worth and avoid getting cheated out of your real estate investment. Over 80% of homeowners complain about the stress of selling a house, but you can avoid it by focusing on essential details. Here are some tips worth considering.
- Conduct thorough market research
Market research is important because it helps you see the property world from a wider perspective. It is nothing cumbersome as long as you are committed to the cause. First, market research helps you gauge the value of similar properties in your location. The idea is to analyse the value of homes in your vicinity, focusing on size, features, and condition. The more similar the properties, the better it will be to settle on a fair but competitive pricing for your house.
The trick most homeowners use is to value their property slightly above or below the going rates in the same location. Another noteworthy point in your market research is the timing of the sale of similar properties in the area. For example, there shouldn’t be much pricing difference within a year if prevailing conditions like the macroeconomy remain the same. Conditions like demand and supply can interfere with pricing; fortunately, a thorough market brings all these to bear.
- Consult a home valuation professional
At some point, before selling the house, it will be advisable to seek a real estate professional to assess the property. Their valuable insight and expertise in home valuation will be needed. Companies like Purplebricks make it their business to have in-depth knowledge of the local market while helping you settle on a competitive price for your property.
You cannot afford to ignore or overlook this additional precision layer to your property’s pricing. With technology’s help, many valuation companies use advanced algorithms and data analysis to do this essential job. No matter how experienced you are in selling houses, professional help brings many things you can leverage before selling.
- Consider your home’s unique features and current condition
Certain features account for the price difference in properties, especially similar ones. Your responsibility is to consider the specific attributes that set your house apart. These include age, layout, size, and property condition. Any recent repairs, renovations, or upgrades will factor into the overall going price. The common upgrades that influence pricing are renovated kitchens, bathrooms, and improved curb appeal. Energy efficiency has played a critical role in property pricing in recent times.
The upgrades should justify the higher price point, especially if you peg your rate slightly above others in the same location. It pays to be honest in assessing the property’s features and current condition. It is also advisable to attend to urgent repairs instead of hiding them before selling the house. Doing that can delay your house listing for several months if potential buyers detect it.
Homeownership is a huge investment, so make it count when selling your property.