The economic valuation that we usually give to our home tends to be conditioned by the emotional factor. Hence the reason why we often set a higher cost that is usually far from the real value of the property. Setting the sale price of a home is not a simple task. Not everyone has the knowledge and information necessary to establish a fair amount.
The truth is that setting a price that is not in line with the features of the property or that does not take into account the value of the square meter in the municipality or area in which it is located, can delay the sale, a lot.
Why Is It Important To Set A Good Price When Selling A House?
We usually see it as a strategy that allows us to earn more margins when selling a property, but the reality is that it can generate quite the opposite.
This practice can scare away buyers, especially if the quantity exceeds what was expected. And the overvaluation of properties can alienate potential buyers during the first months, the most important period during the process of selling a property.
And what happens next? To get interested buyers, you will be forced to lower the price. This can be seen as an opportunity for some or as a bad sign for others. And making a mistake and setting a price much lower than the real fair price also has its drawbacks: You will probably sell your apartment quickly, but well below the real price. So you would be losing money.
Tips To Know How Much Your House Is Worth
To sell your home for a fair price, generate interest in potential buyers, and close the transaction within a normal period, we have some tips that will surely help you. There they go!
1. Use a price simulator
Did you know that on the Internet there are different ways to find out the price of a property? Through free online tools, you will be able to find out the approximate valuation of a property.
Thanks to this type of estimator, you will be able to know the price of your home by entering some basic data. The algorithm will specify the value of the property taking into account the area, surface area, number of rooms, and year of construction.
2. You don’t want to inflate the value of your home
As we have already explained, this practice can cause losses, since if you cannot sell it you will have to lower the price over time. And remember that having a closed apartment costs money anyway.
Buyers interested in purchasing a home in a certain area have access to endless offers, getting a clear idea of the amount of money for which they can buy a property in that location.
3. Be objective when analyzing the state of your home
The sentimental value of the home is one, and the objective another. If you bought the property and carried out renovations to adapt it to your needs, be clear that you will not be able to recover everything you invested. That is, you will not be able to sell it for the price you bought it for plus the value of all the rehabilitations and renovations.
The value of your home will depend on market circumstances, and may change significantly over time. Therefore, you should be objective and analyze what benefits it offers and what buyers are asking for when purchasing a home today.
4. Take into account the supply of homes in the same location
Never set a sales price for a home without having any idea how much your neighbors are selling it for. Taking a look at the houses and apartments for sale in your neighborhood or area will give you a lot of information about the existing offer and its condition, the prices and, ultimately, the opportunities in that location.
A good practice is to consult real estate portals such as Joe Homebuyer of SE Michigan and compare the offer of similar properties. Of course, keep in mind that the price that is usually marked is the starting price, not the price for which the houses are finally sold.
5. Count on the advice of professionals
You can always assign a price to your home on your own, although it is not a highly recommended option, since it is easier to make mistakes, and you already know that it can cost you more than you thought.
Having professional help will allow you to be on the safe side. The real estate advisors of the Joe Homebuyer of SE Michigan network can offer you personalized advice regarding the starting price of your home for sale, analyzing the market price index and proposing an objective estimate taking into account their experience.
And it won’t just help you in this part of the sales process. The Joe Homebuyer of SE Michigan agent will help you with the paperwork, the search for buyers, the promotion of the property (writing ads, taking photographs, publishing on the main real estate portals…), managing visits, etc.
In short, the Joe Homebuyer of SE Michigan agent is in charge of selling your house at the best possible price, which will allow you to be safe and calm throughout the entire sales process, from the beginning to the final signing of the deed of sale.
