Let’s face it – the biggest key to selling your home fast (and at all) is to price it right. You could spend all the money in the world fixing up and marketing your house, but the wrong price on the right house guarantees no sale.
Before you set the price, imagine yourself as a buyer (and put yourself in their shoes). Start by looking on-line at local homes like yours. If your home has three bedrooms, an updated kitchen but no backyard, that’s what you need to look for. Sure, it may be tempting to look at homes with larger lots, an extra bedroom or bathroom, but you will only be tempted to price your home in line with them. Sellers always think their home is worth more than it truly is. Visit some of those comparables during open houses to get a better idea of what you’ll be competing against. There is nothing like actually seeing, touching (and even smelling) the properties up close. The more you visit, the better you’ll be able to judge what is going on in the market. Then, invite two or three realtors over to tour your house and provide you with their estimated value of your home. Once you have all of that information, take the realtors’ estimates and five of the lowest price comparables you found and average them. Now set the price for your home even lower (at least 10% lower) than the average you calculated. Yes, it sounds crazy! But, you don’t want your home to be just fairly priced – you want your home to excite the market, and knock the socks off your buyers! Don’t be afraid to underprice your home, because the market forces will always correct an underpriced property. It’s called a bidding war and that’s what you want (and you’ll be smiling when it happens)!
Whatever you do, don’t overprice your home, thinking you can just lower the price later. Yours will be the property that will make the other homes on the market look good, and you will ALWAYS be chasing the market.