There’s a right way and a wrong way to price your house for sale.
First let’s start with the wrong way and then I’ll tell you the EXACT RIGHT WAY.
Ready?
The wrong way is to price it based on what YOU WANT for it.
Period.
Ok I’ll get it into this a little more.
I’ve seen people price their homes based on the amount of money they’ve put into their house. The problem with that “strategy” is that you absolutely CAN over improve your house – plus you may not have chosen upgrades with a good ROI.
(ask me about good improvement choices!)
Or maybe your neighbor sold her house a couple years ago for x amount and you’re like “Look, Suzy had an ugly kitchen and she got x amount. My kitchen is AWESOME, so I should get at least x amount plus $50k. Right?”
Wrong.
Pricing properly takes lots of data review and strategy.
Here’s how to get it right – and when you get it right, you’ll have lots of interest and potentially even multiple offers, ending up with OVER asking price in your pocket.
- Review every single house that has sold within a mile radius of your house in the last 6 months. Look at the condition of the home, what it was listed for, what it sold for, how long it took to go under contract, and how much the seller contributed to the buyer’s closing costs.
- Narrow it down to the 3-5 homes MOST similar to yours and review the proximity to busy streets, open space, and amenities. Look at the finishes in the house and landscaping.
- Look at every house currently on the market and under contract within a 1 mile radius of your house and review, review, review!
- Be honest with yourself. Which of these houses is the most similar to yours? What’s the price point? The condition? What upgrades are there?
- Choose a $25k range (ex: $825k – $850k) and then find the sweet spot that looks fair without being overpriced.