How to Price A Home for Sale in Connecticut
How to Price Your Home. We’ve all heard it before: “There’s no better time than the present.” And that couldn’t be more true when it comes to the housing market in the United States right now.
Home prices are up about 18%, so if you are looking to sell your home, you should do it soon.
If you’re ready to start selling, here’s your guide on how to price a home. Read on to learn how to get the best house value estimate here in Connecticut!
Compare to Other Similar Homes in the Area
When it’s time to price your home to sell, you’ll want to look at other homes in your area and what their estimated selling price would be. Typically, you shouldn’t go further than a half-mile radius for your search.
You’ll also want to pay attention to where the homes are around you. Is one across a major intersection but only half a mile away? You may not want to take that one into account.
You need to consider the size of your home as well. When looking at other homes in the area, you should stay within 10% of your square footage in regards to the other homes you look at.
Look at Recently Sold House Prices
When you need to look at recently sold house prices, you can have a real estate agent conduct a Comparative Market Analysis, which shows the actual sale prices of the homes in your area.
This allows you to have an idea of what the average price of a home like yours is so that you do not over-price or under-price your home. A CMA can help you avoid an expiration on your listing by making sure your listing isn’t overpriced.
Avoid Choosing Random Numbers as a Price
While you may find that your comparative market estimate to sell your home comes in for $300,000, you may want to consider listing it for just under what you would like to receive for example $299,500 or $299,900 to entice more people to look at your listing. You may find by opening your home up to a larger search block by starting at a lower price point that you could end up going above the price you were hoping to receive. However, you do not want to list it thousands of dollars above your comparative market estimate. This looks unprofessional and can potentially turn buyers off from making an offer. If you set your price too far above the market, then the Buyers will likely wait for your price reductions which could cause you to end up with less in the end.
Don’t Under-Price Your Home
On the flip side, It can be tempting to list your home for a few thousand dollars or ten thousand dollars lower than your comparative market analysis price. In the hopes that multiple people will bid on it and bring the price above what you hope for. However, this doesn’t always work. In large part this strategy can depend on whether your in a Buyers or Sellers market. If you only get one bidder and they offer a few thousand below your asking price, you could be potentially leaving quite a bit of money on the table that you could have other wise been putting in your pocket by pricing it closer to your market estimate.
Ready to Price a Home?
If you’re ready to price a home in Connecticut, we want to help you! The Hoye Home team will help you as a seller get the best price you can get.
Our experience and expertise in the area has allowed us to serve our clients and receive the Outstanding Agent Team award for customer service many times over the years. So don’t hesitate to reach out to us. Contact us today to get your house sold fast! We Get Results for You!