How to Price Your Home to Sell In Tampa
It's all about the price. One of the most important factors in selling your home is price. Is it marked at the right value? How does it compare to homes in your neighborhood? Other neighborhoods? Or should it be based on an online search?
As you can see, there is more to it than just putting a figure on a piece of paper. The right price gives your home its cache. It attracts buyers. It enables you to get the best possible return on your investment. And it goes a long way to how fast it moves on the market.
So, how do you get started? The best piece of advice is to do your homework. And while that sounds simple, the strategy involves taking a deep dive into all of the factors mentioned above.
The best place to start is with a realtor. Finding the right realtor who knows and understands the value of your home and all the others nearby is critical. A realtor is going to start by taking a comparative market analysis of all the houses in the area that are comparable and that sold in the last three-plus months. This will be one of the factors used to determine your home's value.
A realtor also will initiate an appraisal of your home, outlining its key selling points and flaws. Myriad factors go into this analysis, including how your home compares to other homes in the area, current market trends relating to the location and type of house you have, and the condition of your home.
While doing an appraisal, there are numerous factors involved—factors that you can help ready before your home is priced, including:
The structural foundation of your home includes the size and condition of the surrounding property. This includes the foundation's integrity, roof, siding, gutters, etc. In addition, it checks for the expansion capabilities of your property (flood-prone spots, landscaping, etc.).
The layout of your home includes total square footage, number of bedrooms and bathrooms, appliances, etc. Areas like appliances that don't work, lighting, electrical outlets, or plumbing fixtures can detract from your appraisal value.
Pools, spas, enclosed decks, outdoor facilities, etc., can add (or subtract) to your home's value.
Along with an estimate of how much your property is worth, an appraisal also helps indicate the amount a lender will allow to be borrowed on the property.
Another method homeowners use to set the price of their homes is automated valuation methods such as online programs, where homeowners can enter their homes' information and compare it to public home sale records, demographics, and property characteristics.
In one of the country's hottest real estate markets, nailing down a home's pricing is a critical first step in putting your home on the market.Posted by Smith & Associates Real Estate on