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Pricing Your House
Once you have decided to sell your house, you obviously want to get as much money as possible for it. It's very easy to get caught up in the excitement over choosing a sales price. More money means you can afford to buy a more expensive house, buy a new car or treat yourself to a long overdue holiday.
But in reality, it doesn't matter how much money YOU think your house is worth.
The only person whose opinion really does matter is the buyer who makes you an offer.
Putting a value on any house is part art and part science. It involves comparing similar properties, allowing for the differences among them, tracking market changes and taking account of how many houses similar to yours are for sale. All this information is needed come up with a range of values, an educated opinion. This method is the same way a valuer decides how much your house is worth. And no two valuations are ever exactly the same; however, they are generally close to each other. In other words, there is no hard and fast price tag to put on your house. It's only an educated guess and, no matter what figures are suggested, it's the market that will dictate the price. If your house is dramatically above the going market price, few people will waste time viewing it. Their time is better spent previewing houses that are priced realistically.
Is it Too Low a Price?
Houses sell at a price that buyers are willing to pay and that sellers are willing to accept. If a house is set at too low a price, below the competition, the seller should receive enough offers that will increase the price to its real market value. So there is little danger in pricing a house too low. The real danger lies in pricing it too high.
If you price your house too high, it may be a long time before it sells and you will end up paying more mortgage payments than you expected, as well as having all the problems of trying to keep the house in top viewing condition.
Research Comparable Listings and Sales
If you want to sell your house, you must price it correctly and the more research you are prepared to do the better.
Look at every similar house that was or is listed in the same area as your house over the past six months.
The list should contain houses within a 1/4 mile to a 1/2 mile and no further, unless the property is rural or there have been no nearby houses for sale.
Allow for the fact that perceptions and desirability have value. Be honest with yourself about the factors that increase or decrease values, such as the amenties (or the lack of them), the condition of nearby houses and the area you live in. In this way, not only will you set a realistic price, you will be more prepared for hard questions from prospective buyers.
Compare similar square footage and similiar property ages, within 10% up or down from your property.
Get as much information as possible on house sales in your area, especially on houses that were withdrawn from the market.
Compare the original list price of similiar houses to the final sales price to determine price reductions or increases.
Adjust the pricing of your house, compared to similiar nearby house that have sold, to allow for extra rooms, bigger/smaller gardens etc.
Try to find out the lowest price that owners of similar houses to yours will accept.
Keep track of how long similiar houses were on the market before they actually sold, to get the most realistic idea of how long it will be before your own house sells.
Visit similiar houses that are for sale and see how your house, and its projected price, compares.
These houses are in competition with yours for buyers. Ask yourself why a buyer would prefer your house over any of these and adjust your price accordingly.
After you have collected your information, the next step is to study the current market conditions. For comparison purposes, let's say the last three comparable sales in your area were €350,000.
In a buyer's market, your sales price might allow some wiggle room for negotiation but be strong enough (near the last comparable sale) to entice a buyer to tour your house. To sell in this market, you might need to price your house at €348,000, settling for € 345,000.
In a seller's market, you might want to add 10% more to the last comparable sale. So if there are few nearby similar houses for sale, and plenty of prospective buyers, you can ask more than the last comparable sale and probably get it. So that € 350,000 house might sell at € 365,000 or more.
In a neutral market, you may want to initially set your price at the last comparable sale and then adjust for the market trend. So say the last sale closed three months ago, but the average price has edged upwards at 1% per month, pricing at € 354,500 would seem sensible.
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