How to Sell Your House Part 4: How to Determine an Asking Price for Your House

How to Sell Your House Part 4: How to Determine an Asking Price for Your House

When the paint has dried, the yard is cleared and the clutter is packed, the only thing left to do is…well, actually sell your house!  Setting an asking price can seem a bit daunting at first, but today we’ll provide you with the tips and tools you need to optimize your profits while maximizing your showings.

There really is no such thing as a “national market” when it comes to selling your home; instead an interconnected series of local markets make settling on an asking price a little bit of a challenge.  While the old wisdom might be to set your price 20% over actual value to allow yourself room for negotiation, the truth is that more often than not in the current market, the buyer’s agent won’t even show them your house.  To optimize your sales opportunity, price appropriately and then stand firm as offers begin to come in.  Don’t just focus on how other homes in your area are being listed, but look for papers that identify sold listings.  What someone is asking for their house matters very little compared to what they have actually received for it.

Be conscious of the mechanics of modern search engines when pricing your home as well.  It might seem a little silly pricing your house at “$299,999”, but when agents enter a search for “$200,000-$300,000”, you want to be sure your property is included in that bracket.  Additionally, don’t account for your agent’s commission when pricing your house.  Their share comes out of your profits and pricing up will just make your asking price appear inflated.

There’s a lot to consider when locking down an asking price for your house, but really it all comes down to identifying a price that is not only fair to your potential buyers but also to yourself.  Setting realistic expectations and researching accordingly is all it takes to set yourself up for a successful sale.