28 June 2015

Tips on Pricing Your Tooele Home


Selling Strategies: How to Price Your Home for a Quick Sale

Are you planning to sell your Tooele UT home soon? If so, you need to think long and hard about your asking price. It’s one of the most important steps in the selling process. This article explains how to price your home for a quick sale, using market awareness and research. I know, we have a very convenient app we offer on our Tooele search website, that will give you an estimate of the value of your house, but I am talking about one you can take to the bank

You can price your home in one of three ways. You can price it to sell quickly, eventually, or not at all. The first option appeals to most sellers, obviously. So let’s talk about how you would achieve it.

How to Price Your Home to Sell Quickly

  • When selling a home, you have to change your mindset from “owner” to “seller.” In reality, you are both of these things. But you need to think more like a salesperson than a homeowner, especially when it comes to pricing. Adopt this mindset now, before you move any further into the home selling process.
  • Here’s a little mantra to help you think like a salesperson. “It’s not personal. It’s business.” You should repeat this mantra as you determine your asking price, and when negotiating with buyers. The personal and emotional connection you have to your home does not translate into market value.
  • There’s a possibility your home is worth less today than when you bought it. When the housing bubble burst a few years ago, it caused property values to drop in many cities across America. You might live in a city where home values have recovered since then. If so, count yourself lucky. But you might also live in a market where prices haven’t yet reached their pre-bubble peaks. So be prepared for this kind of harsh reality, in case it applies you.
  • The market determines what your home is worth — you do not. If you price the property based on what you need to get from the sale (and this amount exceeds the true market value), you could be in for a long wait.
  • The only way to sell an overpriced home is by finding a buyer who is willing to pay more than market value. Such buyers are few and far between. Buyers are more price-savvy than ever before, due to the housing crisis of the late 2000s. Nobody wants to buy into a negative-equity situation, and most lenders won’t even allow it. So price the home properly from the start.
  • If you have a real estate agent, he or she will help immensely during this stage. Your agent will gather data from recent comparable sales in the area. This is what agents refer to as “comps,” and they are the key to your pricing strategy. If the buyer also has an agent (and most of them do), they will be looking at the same data. If you price yourself above the comps but have nothing to justify the increase, your home might be on the market for a long time.
  • If you’re selling the home by yourself, you should have an appraisal done. Comparable sales are a good guide to pricing, but they only take the other houses into account. They don’t take into account any improvements you’ve made to your own house. A person has to do this — whether it’s a real estate agent or a professional home appraiser.

As you can see, there is a lot of research involved in the pricing process. But it’s necessary research. If you skip it, you could end up overpricing the home. And that’s rarely the path to a quick sale.

Here are a few other articles that have a different slant & different tips on pricing your Tooele home or condominium.

Home Selling 101: 12 Tips for Pricing Your Home to Get Top ...

When you sell your home, is it smarter to choose a price that ends with a zero or a 9? Think through your strategy when you set the price.

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More Bang for Your Buck: Maximize your home's selling price

RICHMOND, VA (WWBT) - If you're trying to sell your home, we've got important information that could help you get a higher asking price. Charlie Bickel with Long and Foster says you never get a second chance to make a ...

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Four steps to price your home | StAugustine.com

Pricing your home for sale is one of life's major financial decisions. What's too little, what's too much? When researching selling a house or condo, consumers often anxiously turn to the Internet, neighbors and Realtors to come ...

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8 Reasons NOT to Test the Market With Your Asking Price ...

There are many reasons not to test the market by setting your home's asking price above what the house is worth.

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Want some help? Have more questions about establishing the best listing price or what your home is worth? Would you like me to prepare an in depth CMA for you? Want more tips on pricing your Tooele home?

Call me Berna Sloan 435-840-5029.



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