The housing market is hot right now. Chances are, you’re looking around your neighborhood and seeing a ton of homes (just like yours) that are selling for the original listing price in a crazy short span of time. It’s true, we’ve made it out of the housing bubble and the market is, once again, booming.
So you should totally list your home for more than it’s worth, right? Wrong.
One of the first, and often biggest, mistakes that you can make when selling your home is listing it for the wrong price. While it may be tempting to list your home solely with regard to the return you want to get from it, this method will only prolong the amount of time that your home stays on the market – and you run the risk of eliminating serious buyers.
To find an ideal list price for your home, it is important to utilize current market values within your neighborhood. If you are working with a realtor, they will be able to determine these values easily. However, if you decide to try to list your home by yourself, you will need to do the research and find an accurate price point for your home.
So how do you do that? You’ll need:
- A comparative market analysis – This will show you what the homes in your area have recently sold for.
- To check out your competition – What other homes are on the market in your neighborhood and what are they listed for.
- To find the difference – Calculate the differences between what homes have listed for and what they have ultimately sold for.