How Should I Price My Home for a Quick Sale?
When you first decide to sell your home, you are probably going to be told by a real estate agent that you only have one chance to make a first impression. And they are not talking about your curb appeal! The price is the first thing that potential buyers are going to look at. For those who want to ensure a quick sale, they are going to find that the price point chosen is going to be the determining factor between a quick sale and this home sitting on the market for months or even years.
For those who are trying to sell their property privately rather than going through a real estate agent, the biggest problem they have is that they often believe the value of their home is higher than what it truly is. Why is this? They are often putting in their emotional connections to the home which automatically results in a larger number for the price. To get the best value and to sell your home in a short period of time, the price has to be correct from the get-go or you risk alienating potential buyers!
If you are looking to sell your New York home quickly on your own without the aid of a real estate agent, then you are going to want to make sure that you’re following these tips to get the best price on your home that is possible.
1. Perform a market analysis
When you work with a real estate agent, the first thing that they are going to do is to create a comparative market analysis of the property. And this is something that you can do yourself. Agents may be using the multiple listing service to create this analysis, but you can use free tools out there like Zillow to get the same information.
The idea is to gather the sale prices of the homes that are in the neighborhood. You need to focus on those homes that are comparable to yours in age, condition, style, size home, and even the landscaping features. Look at what these homes sold for, as well as how long it took these homes to sell. You may also want to look at those homes that are currently on the market to be sold and look at what differences are present so you can really understand who your competition is. This can give you a great idea of how not to price your home – if these are tons of similar properties still sitting on the market, you know that you will have to price your home competitively for a quick sale.
2. Get an appraisal on the home
You can also opt to get an appraisal of the home. This is going to give you a price of the house that is going to be a great point for what your home should sell for. An appraiser is going to use their own knowledge of the market and the area, along with the same type of research that a real estate agent will use to determine the value of the property. However, this does not mean that this is the price that you should sell your property at. It simply means the home is valued at this price, which is your starting point for where to sell this home at. An appraiser is often going to cost around $500 to $1000 to get this inspected, but it can give you a good baseline for your price, especially if you don’t feel comfortable performing the market analysis yourself.
3. Work with a real estate investor
If you think that the above two examples are going to cost too much or will require too much work on your behalf, then there is another option. This is to work with a real estate investor. These investors are going to buy properties as-is, while paying you the fair market value of the property. It can be a great way to get your home sold quickly!
However, many people hear the term investors that buy homes ‘as is’ and they cringe. They think of all the horror stories that they have heard throughout the years of companies like this taking advantage of people. This should not be a worry as there are tons of companies out there who are reputable companies who are offering a quick sale option to sellers that does not involve all the costs associated with working with real estate agents. This can help to reduce your stress and it helps to ensure that you get the fair market value of the home, rather than having to lower your price to compete on a market that is considered a buyer’s market.
For those who are interested in selling their home quickly, then an experienced local real estate investor like Leave The Key Homebuyers may be your best option. If you are ready to make this happen, then do not hesitate to call us. We can give a free, no-risk quote for your home so that you can make the best decision for your life.