Determining the Right Price for your Home
There are five essential components for a successful sale. In the process of pricing your home to sell, all of these factors need to be considered in order to successfully sell your home! These five components of a successful sale should give you a high level idea of the essential factors to consider when pricing and selling your home.
1. Condition – The pricing of your home must accurately reflect its condition. The general upkeep and presentation of your home is critical to obtaining the highest value for your home. The nature of the roof, plumbing, carpets, and paint all relate to condition.
2. Location – The pricing of your home must reflect its location. The better the location, the higher the acceptable price. School districts, high or low traffic, and highway accessibility, all need to be considered in determining the value of your home’s location. We cannot control the location.
3. Market – Recession, inflation, interest rates, mortgage availability, competition and the public’s perception of the general economy all make up the market. It may be a buyer’s market or a seller’s market. The pricing of your home must reflect the current nature of the market because we cannot influence the market. We can, however, take advantage of the market.
4. Terms – The more financing terms and options you accept, the more potential buyers there will be for your property. The pricing of your home must reflect the terms available. The easier the terms, the more valuable your property becomes.
5. Price – Price is the most important factor in the sale of your home. Price overcomes all objections. The value of your property is determined by what a ready, willing and able buyer is willing to pay for it in the open market, which will be based upon the value of other recent closed sales.
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