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Did You Price Your House Appropriately?

by Evjen Agency 09/18/2018

If you add your house to the real estate market but fail to garner buyers' attention, now may be a good time to revamp your home pricing strategy. Otherwise, your home may remain on the housing market for many weeks or months before it finally sells.

Generally, there are several factors you need to consider to determine if you have priced your residence appropriately. These factors include:

1. The Current State of the Housing Market

The demand for houses in your city or town may have far-flung effects on your property selling experience. For example, if there is significant demand for houses in your area, the real estate sector favors sellers. Or, if there is minimal demand for homes in your city or town, the real estate market favors buyers. And if you do not price your house appropriately in a seller's or buyer's market, you may struggle to stir up interest in your home.

It often helps to price your house based on the current state of the real estate market. By doing so, you can establish an initial asking price for your home that falls in line with buyers' expectations.

To assess the current state of the housing market, evaluate the prices of recently sold residences in your city or town. You should find out how long these houses were available before they sold, too. Once you have this housing market data in hand, you can determine whether a seller's or buyer's market is in place and price your house accordingly.

2. Your Home's Age and Condition

The price you originally paid for your home is unlikely to match your house's current value. Fortunately, if you evaluate your residence's age and condition, you may be better equipped than ever before to set a competitive initial asking price for your home.

Sometimes, it helps to conduct a home appraisal before you list a residence. An appraisal enables you to receive a property valuation that accounts for your house's age and condition, along with various real estate market factors. Then, you can use this valuation to determine the optimal initial asking price for your house.

3. Your Home Selling Timeline

If you are in a hurry to sell your home, you should establish an initial asking price that will grab buyers' attention. On the other hand, if you can afford to be patient during the home selling journey, you should not settle for a subpar offer to purchase your house.

When it comes to establishing a home selling timeline and determining how to price your residence, hiring a real estate agent may be beneficial. A real estate agent understands what it takes to sell a home, regardless of the current housing market's conditions. As such, he or she will work with you to ensure you can price your home competitively.

For those who want to streamline the home selling journey, it typically helps to start with a competitive initial asking price for your house. If you consider the aforementioned factors, you can boost the likelihood of pricing your home appropriately from day one of the house selling journey.

About the Author

Author
Evjen Agency

Serving The Real Estate Community Since 2016

Evjen Agency is a full service Real Estate company servicing all of Connecticut. We offer our knowledge of the current market to help our clients make the most informed decision possible. Each client is treated like our only client. Evjen Agency is a small boutique Real Estate company located in Farmington Connecticut. As a small company we want to keep that personal relationship with each client while still on the forefront of all of the technology changes within the industry. Every seller/buyer deserves the BEST!! Evjen Agency will provide you with everything you need to succeed in your next Real Estate sale/purchase.