How would you place a value on your home? More critically, how would you put a price on your home? Sounds like the same question, but it suggests the difference between price and value that’s important to understand as you prepare to sell your home.
Two homes may have identical features and prices, but factors like location and condition can impact the homes’ perceived value. To arrive at an attractive asking price, you must compare your home’s value against its competition, which is easily done through realty websites and advertisements.
Your goal is to set the right price right away. Your best window for a full price offer will come within the first three weeks, so if you don’t see any activity in that timeframe, take action. In changing markets, pricing a home becomes an ongoing activity. You need to consider real estate dynamics – new listings, recent transactions, expired listings, shifts in inventory, and so on.
Your best source of information and guidance is your neighborhood real estate agent, whose vocation it is to monitor all those conditions and bring buyers and sellers to the table for a satisfying transaction. Meet with your representative to discuss your motivation and timetable, compare your home’s value against the competition, and analyze current trends in this market. The relationship between price and value will become crystal clear!
Happy Investing!
Kendall E. Matthews
Phoenix Arizona Investment Real Estate
