Whether you are in a hurry to put your house on the market or you have some time on your hand, the
sale price that you set for your house will have a huge bearing on whether a buyer will even consider
purchasing. The price has to be just right; it can’t be too high and it can’t be too low. Here are 5 useful
strategies that you could apply when trying to determine the appropriate price for your house.
An appealing and “pleasing to the eyes house” is one that a buyer will likely gravitate towards. A house
that a buyer can see himself/herself owning is more likely to sell. If you want to get ambitious with your
home’s price, make it stand apart by being the best-looking property within its price range. Make needed
repairs, apply a fresh coat of paint to the exterior, do a bit of renovation in the kitchen or bathrooms, and
update worn flooring and fixtures.
Since there will be other homes in the area on the market, you need to set a reasonable price. To beat
your competition, you first need to know your competition. Get familiar by taking a look at the houses for
sale in your area (within a 1/4 mile to a 1/2 mile) and price range. In doing so, you have an idea of what a
good asking price for your house should be.
A CMS allows you to visit the sold property records of similar properties in the same geographic area. A
real estate agent can do a comparison and make an estimate of value for your house. Several things are
important when doing “comps,” including when the property sold, property location, characteristics of the
house. Knowing how your house compares can help you to establish a fair market price.
If a CMA doesn’t do it for you, get an appraiser, whose job it is to evaluate and determine the fair
market value of a house. You can visit the American Society of Appraisers website to find a qualified
appraiser near you. An appraiser provides an unbiased opinion, but you should seek out one that has solid
experience with homes in your market and neighborhood.
Apply price banding to your strategy, whereby you browse the current inventory in your area and you
establish a less crowded price point that could make your selling price more appealing than that of your
competition. For instance, if there are 6 houses in your area priced between $256,000 and $258,000, and
another 5 houses with prices starting at $270,000 and above, you have a price band of $260,000 that
could work in your favor.
Pricing your house to put on the market requires some strategic maneuver. You don’t have to do it alone
because you can hire an appraiser and have a real estate agent do a CMA to help you determine the
value of your house. Make improvements to your house, view competing listings and use price branding
in your strategy. You want to get the best value for your home.