Pricing of Sale
When deciding of the price
you wish to sell your home at, ask yourself
the following questions: how much was spent on additional upgrade?
What are you including in the price of your home, appliances,
furniture, patio furniture, BBQ's, etc. Consider leaving any extras
out of the offer and use them as leverage when negotiating the
price of your home. What have other houses in this neighborhood
sold for recently? What does your house have that theirs didn't?
By making a list of all your home's features you will be able
to get a better idea of how much it's worth. Don't be shy to boast
about renovations and upgrades; home buyers
like 'new things'.
To officially determine the price
of your home, you will want to hire an independent appraiser
(see Who to Hire).
He or she is well aware of current market
trends and will be able to provide you with an unbiased opinion
as to the cost of your home. Believe it or not, appraisers are
also affected by the interior and exterior 'look' of your home.
The more expensive it looks, the higher its appraisal value.
Most homeowners will
intentionally market their homes at rates higher than the average.
Individuals do this expecting that bidders will offer less than
what is stated at market value. Be reasonable, have a set amount
that you will not go below and price the home up to $5000 more
than its been estimated at; you may be pleasantly surprised.
Don't be afraid to refuse an offer.
If the amount proposed is far less than you expected, say no.
You've invested too much time and money into this process to not
make a profit.
If you can, wait until the spring/summer
to sell your home. Potential buyers want to see lawns, driveways
and roofs. The market value of your home will increase anywhere
from 1-3% during warm months. There will be more traffic and in
turn, more offers. You may even get lucky and there will
be a bidding war: a competition between buyers to
purchase your home.
You will also want to make yourself
aware of mortgage and market
trends. When mortgage interest
rates are low, the number of homes purchased increases dramatically.
Because there are many more homes
than there are buyers, you face stiff
competition. You have to make your house the most appealing
it can possibly be. Make sure to ask your realtor for
additional information related to increasing the value of your
home. They're the experts, so you might as well use them.