There’s never been a better time to sell your home. Prices generally increase over the summer thanks to the nice weather and the wave of house hunting that happens just before school reopens in September.
Even if summer is typically a seller’s market, making sure you put your home on the market at the best possible price – and earning the most profit – requires some strategic thinking.
No doubt, you’re wondering if you should set a low price to encourage sales or if you should set a high price knowing you can always lower it if you don’t get any offers.
What you need to understand about selling your house is that you aren’t in charge of determining the value. Buyers are. It’s up to buyers to decide how much they are willing to pay for your home. When choosing a price for your home, you need to see it from the perspective of those potential buyers.
Here are some tips for selling your home to help you do just that.
- Detach yourself
The most important thing you can do is to detach yourself emotionally from the business of selling your house. That’s easier said than done, of course. It’s hard to compartmentalize an objective viewpoint and the emotional response you have over something that means so much to you personally because it holds your fondest memories. You can’t put a realistic value on your house when blinded by emotions. Seek the help of a local real estate professional to guide you through the process.
- Repair, prepare and upgrade
If you are going to set a price for your house that’s on the higher end of the scale, make your buyers believe your home is worth it. Undertake necessary repairs, clean every nook and cranny till they sparkle, paint the walls in colors that are appealing to many, and make strategic upgrades on two of the most important rooms in the house – the kitchen and the bathroom.
- Visit other homes on the market
Check out the competition and see what else is on the market. Look at other properties in your area. This is something you should do several weeks in advance. It’ll give you an idea of what people expect and what your home may be worth comparatively in the market, which brings us to the next step.
- Get a comparative market analysis
Get a comparative market analysis from Tacoma Realtors. Your agent will gather information about recently sold houses in your neighborhood with features similar to your own and then use the data to set the price range for your own home. The agents of your potential buyers will assess the price of your house based on these “comps” and make their offer accordingly.
- Question your agent
You might find your agent suggesting a lower price than what you expected. Find out why. Your agent should look after your best interests but you should also be aware that the faster your home is sold, the earlier they can earn their commission. However, that may also be part of their strategy, which can range from sparking a bidding war to hurrying the process along so that your house doesn’t languish in the market and diminish its perceived value.
Good Tacoma Realtors should be able to explain their pricing strategy to you. To find one that you can trust to respect you and your property, ask friends and relatives for recommendations. Check their online reviews and interview a few potential agents before choosing one.
- Find homes in the area that’s your competition
As well as asking an agent to find the competition for you, you can try to find your own as well. There are plenty of online tools to help you with that. This will give you a better understanding and enhance your knowledge about the local market. You could even find extra comps your agent missed.
- Get an appraisal
If you’re looking for something more precise than market analysis, then what you want is an appraiser. These are professionals who are trained to determine the market value of properties. The Appraisal Institute website can help you to find a good appraiser in your location. Choose one that understands the local market to get the best results.
- Conduct an open house for friends and family
When you’ve finished prepping your home, and it’s ready to go on sale, hold a mock open house for your friends and family. Give them the tour and get their advice about pricing. Especially if they recently sold or bought a house of their own.
- Listen to your agent – and their colleagues
Just like dry run on the open house you practiced with your friends, many agents hold open houses for their colleagues. Listen to them and learn from their collective knowledge.
- Avoid zeros
The golden rule of sales says that you should never choose a price that ends in zero. It’s said that people respond better to a price that ends in 9, such as listing a property at $249,000 instead of $250,000. Ending a price in 9 makes it feel firm and deliberate. That said, too many nines can be just as off-putting. Stick to $249,000 and don’t go to $249,999.
- Add zeros
There’s another school of thought when it comes to pricing for the internet. The idea is that a property priced at, say, $300,000 would get twice as much exposure because people tend to search by price range. Therefore a home selling for $300,000 will show up in a list of properties between $200,000 and $300,000, as well homes between $300,000 and $400,000. If your house is priced at $299,000, then it only shows up once.
Selling your home in East Washington?
Looking to sell your home in the Eastern Washington counties of Pierce, King, and Thurston? Keep these tips for selling your home in mind. And make sure to look me up – I’m Lori Lewandowski, an award-winning Realtor who has represented homes in the area for decades.