When putting a house on the market, determining the right price is one of the most important steps a seller can take. By setting the right place, the seller will attract a realistic group of buyers and will be more likely to get the house sold quickly and at a reasonable price.
While setting a price that is too low will shortchange the seller, setting a price that is too high will make it nearly impossible to get the home sold. Whether selling Lake Austin real estate or a home in Fort Collins, there are several different factors that need to be kept in mind.
Examining Comparable Listings and Sales
Examining comparable listings and sales involves looking at similar homes in the neighborhood that have been put on the market over the past six months. When selecting similar homes, it is important to look at only those home that are within 10 percent of the same square footage as the home that is to be put on the market. Physical barriers and neighborhood dividing lines should also be taken into consideration, as these barriers and locations can have a significant effect on the overall value of the home.
Exploring Sold Comps
Exploring sold comps involves looking at listings that have actually sold in the neighborhood. When examining sold comps, it is important to consider the list price as well as the final sale price. Other things to take into consideration include the number of days the home was on the market before it sold as well as the lot size, amenities and other factors that may set the home apart from other homes on the market.
Checking Into Withdrawn and Expired Listings
Withdrawn listings, which are those homes that were taken off the market before they were sold, should also be considered when determining an asking price. By looking at withdrawn listings, you may be able to identify patterns and other common factors that have kept the homes from getting sold. By looking for ways to remove these commonalities from the home you are trying to sell, you may have more success with getting it sold. Also, looking at these features and the prices that were being asked for these homes can help you set a more accurate price on your home.
Considering Pending Sales and Active Listings
By considering pending sales and active listings, you can also get a much clearer idea of where the market is at and how much buyers are willing to pay. Of course, gathering all of this data and crunching the numbers can be a bit confusing for someone who is not experienced with the real estate market. Therefore, it is a good idea to consult with a real estate agent in order to determine the best asking price possible.
About The Author – Eric Bramlett specializes in Lake Austin real estate, including Greenshores Austin waterfront homes for sale, as real estate broker of One Source Realty in Austin, Texas.