Some agents will say that you only get one chance to make a good first impression to potential buyers! And this first impression is largely based on ensuring the price of your property is effective to ensure a quick sale. However, many private sellers tend to over-inflate the value of their home. The result is that the property remains stagnant, unsold and they have to eventually reduce the price of the house.
To get the most value from your home sale, price it right from the beginning. Here are a few easy tips for effectively pricing your house for a quick sale when you don’t want to employ a real estate agent:
1) Create a Comparative Market Analysis
When you meet with an agent, they often tell you that the first key to selling any home is to ensure that it’s priced properly.
The best tool at the real estate agents’ disposal is creating a comparative market analysis. And believe it or not, it’s rather easy for an individual to create. While agents have access to the multiple listing service (MLS), sellers can use free tools (such as Zillow or Redfin) to estimate this information.
The first step is to gather the sale prices of homes in your neighborhood that are of similar age, similar square footage, similar bedrooms and landscaping features.
If you can, find out how much these houses sold for, and how long it took for the house to sell. It’s also important to compare these listings with ones that didn’t sell to see if they were priced too high from the start. You’ll most likely have to pay a healthy fee to local government offices or the MLS to access this information, but it is possible to do it yourself.
2: Contact an Appraisal Company
Another easy way to consider the value of your home and thus effectively set pricing for your house in order to ensure a quick sale, is to have an appraisal company inspect your property.
They will often use the same techniques that real estate agents use to gather information about previous home sales in your area. They also use their vast experience in appraising local property value to come up with a solid value price. However, this is not a price at which you should sell your property. It merely ensures that your property is worth what you are asking for based on the information. Hiring an appraisal company typically costs between $500 – $1,000 for the inspection, so while it’s not necessarily cheap, it will give you a good baseline to effectively price your property for a quick sale.
3: Work with a Real Estate Investor, Not a Real Estate Agent
If you’ve read the above two options for pricing your home and think to yourself, “that’s a lot of work and money to spend”, you might consider working with a company that buys properties as is and pays fair market value for the property. Believe it or not, there are a few reliable and trustworthy companies who will purchase homes and provide their owners with a quick and market-value sale of your property without collecting huge percentages of profits that are often associated with real estate companies. This reduces your stress, ensures you receive true market value for your home and gives you the cash quickly to use for down payments or other important needs.
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