Selling your home is exciting! You’ve opened the door to new opportunities for neighborhoods to live in, upgrading spaces and decorating in a new way. But with selling your home, you also have to determine what to list your home for. This can be tricky because it’s easy to price your home too low and too high. Too low and you undersell it; too high and your home might spend too much time on the market. So we’ll give you some tips and advice on how to price your Houston home for a great selling experience.
Start with an Estimate
There is a lot of data and research that sellers have access to, so you can quickly get a head start on information and research for your home. To start, you should use an online home value estimate tool to get a feeling of what your home is valued at. This shouldn’t be the only tool you use to price your home, but it will give you a reasonable price range to work with.
Look at the Comps from Your Agent
When considering how to price your home, your real estate agent will perform a competitive market analysis that analyzes the comparable local sales to your potential sale. Agents use these as a reference point for pricing your home, and the price will adjust based on competitive differences that drive or reduce the value of your home.
Watch for Pricing Fallacies
We’ve given you some tips for pricing your home, so here are some things not to do.
Don’t Overvalue Renovations
Believe it or not, what you renovate might not give you a dollar-for-dollar increase in value. For example, if you spent $25,000 on a bathroom renovation, you might only receive a $14,000 increase in home value. So, be mindful of this when performing renovations and don’t always expect an equal value increase for how much you spent.
Don’t Put Emotions Over Logic
Selling your home can be difficult and emotional. You might not want to set it at the recommended price because it seems too low for how much your home means to you. Avoid investing too much emotion into the price you sell your home for. From the buyers’ perspective, this is a new home that has the potential for many new memories, but that means the home isn’t nearly as sentimental to them as it is to you, so try not to put emotions over logic when it comes to the price of your home.
If you need assistance on how to price your Houston home to sell it, contact Flash Realty Solutions today. One of our agents can help you with the process, perform a competitive market analysis, and assist you in finding the right price for your home to help it sell fast in this market.