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How To Set Your Asking Price When Selling a Home in COLUMBIA

When selling your home in COLUMBIA, you will obviously want to get a great price for it. However you don’t want to price too high, and scare off potential buyers, nor do you want to price too low, losing out on thousands of dollars.

There are proven methods and strategies we would like to share in this article. Keep reading to learn how to set your asking price.

Know Your Market

Know Your Market to Set Your Asking PriceDo some research and find out what comparable homes are selling for in your area. Take a look at seasonal trends, and if you have the time, list your house at a time of year when prices are typically higher. Look up homes that are actively listed on the MLS, Zillow and for sale by owner sites.

Take note of how long the properties have been listed.

If a home has been on the market for awhile, it is likely priced too high. Think about supply and demand, if there are many homes on the market, buyers will be at an advantage.

In addition, you can ask a couple of realtors for a more detailed CMA. (Comparative Market Analysis.) Many realtors will offer this free of charge, as a marketing technique. Requesting a CMA should not put you under any obligation to the realtor. Who knows, they might even have a buyer for you.

When preparing to sell your home, conducting thorough research on comparable properties in your area is essential for making informed decisions. Begin by identifying homes similar to yours in terms of size, features, and location. Utilize online resources such as MLS, Zillow, and FSBO sites to gather data on recent sales and current listings. Take note of seasonal trends in the real estate market, as prices and demand can fluctuate throughout the year. Consider listing your home during peak seasons when prices are typically higher to maximize your selling price. Additionally, analyze the durations of listings to identify any patterns or trends. Compare the prices of comparable homes to determine a fair market value for your property. If similar homes are selling quickly at certain price points, it may indicate a strong demand in that range. Conversely, if homes are languishing on the market, it could signal that prices are too high. Consider the overall supply and demand in your local market. A surplus of homes for sale may give buyers more negotiating power, potentially driving prices down. Conversely, a shortage of available properties could lead to increased competition among buyers and higher prices.

To gain deeper insights into the local market, request a Comparative Market Analysis (CMA) from a few real estate agents. CMAs provide detailed information on recent sales, current listings, and market trends specific to your area. Many realtors offer this service free of charge as part of their marketing efforts, and there’s typically no obligation to work with them

Be Realistic

You might have a price in your head of what you want to get for the home, but make sure this price is realistic. Buyers are savvy, and depending on your market, they may have a number of options.

They want to get a good deal and find value just as much as you want to get a good price for your house. The trick is to find that sweet spot. You don’t want to price your home too high and have to make multiple cuts to the price.

These price drops will show on the MLS, and repetitive price changes can make you look desperate or indicate that something may be wrong with the house. A good rule of thumb is to allow for only one price drop if absolutely necessary.

To make sure your asking price is based on reality, it might be beneficial to have a professional appraisal done.

Setting a realistic asking price for your home is crucial to attract potential buyers and achieve a successful sale. While you may have a particular figure in mind that you hope to obtain, it’s important to ensure that this price aligns with market realities. Today’s buyers are well-informed and have access to a wealth of information about property values in your area. Buyers are often on the lookout for good deals and value, just as you are aiming to secure a fair price for your home. Therefore, finding the right balance is essential. Pricing your home too high could deter potential buyers and result in prolonged time on the market. Multiple price reductions can signal desperation or raise concerns about the property’s condition, potentially deterring buyers further. A helpful approach is to aim for a realistic listing price from the outset, minimizing the need for subsequent price adjustments. While it’s prudent to allow for one price drop if absolutely necessary, excessive changes can negatively impact your home’s perceived value and attractiveness to buyers.

To ensure your asking price reflects market conditions accurately, consider obtaining a professional appraisal. An appraisal provides an unbiased assessment of your home’s value based on factors such as its condition, location, and recent sales of comparable properties in the area. While there may be a cost associated with an appraisal, the insight gained can help you set a competitive and realistic price for your home, increasing your chances of a successful sale

Ask Opinions

In addition to asking realtors for a detailed CMA, you can also ask friends, neighbors, and family. Ask for their opinion and see what they would pay for a home like yours.

Getting multiple opinions from a variety of people can help you find a middle ground as well as help you find additional selling points you may have overlooked.

There Can Be More To It Than Just The Final Sale Price

Maybe you can offer a lower price for the home, however, the buyer has to pay the closing costs. Or maybe you can get your asking price, so long as the furniture comes with the house.

You do have some bargaining power when finding the sweet, sale price for your home. With some clever strategy, you will be able to find a price that works for all parties.

If you have any questions about buying or selling property in the COLUMBIA area, fill out this form, and we will be in touch right away! Or call our office directly now! 803-670-8355

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