Knowing how to find the sale price of a house is a key step in the home selling process, and finding that sweet spot requires a strategic approach. Understanding the local market, evaluating comparable sales, and knowing how certain factors influence price are all vital components of this strategic approach.
If you need help with determining how much to sell your house for, here are several tips to keep in mind.
Start by using online home value estimators
You can get a ballpark idea of how much your home is worth by using free online home value estimators from websites like Zillow, Realtor, and Redfin. These automated valuation models or AVMs use algorithms to predict the value of homes by factoring in details like location, lot size, number of bedrooms and bathrooms, and recent sales nearby. BEWARE: these sites can frequently be off…
However, keep in mind that these tools are far from perfect, as they don’t take into account other crucial factors like the condition of the home and what type of features it has. It’s next to impossible to set an accurate value without seeing the property inside, knowing what improvements you have made and lastly, seeing how the property actually shows… all important determinants in figuring out the value of your home. AVMs are useful as a starting point, but should not be solely relied upon when determining the final price for your home.
Rely on the expertise of your real estate agent
A lot of factors go into setting a price, and you have to know how to balance all of them to come up with a competitive yet realistic price. This is why working with a real estate agent is important.
An experienced agent brings invaluable expertise to the table and knows how to navigate the myriad of factors that influence pricing. They have a deep understanding of key factors such as:
- Local real estate market trends
- Prices of comparable homes
- How your home’s overall condition affects price
- Pricing strategies depending on your circumstances
A real estate agent will take all of these into account to help set a price that will give you the best return on your investment.
Stay updated on market trends
The real estate market is dynamic, so you’ll need to keep a close eye on trends and make adjustments to your pricing strategy if needed.
Monitor the activity of comparable homes in your area. If they’re selling at higher prices or if there’s not much interest, then you may need to tweak your pricing strategy. Be open to feedback from prospective buyers as well. This will ensure that your home stays competitively priced while it’s on the market. Your agent can keep you informed about changes or shifts in the market. For example, the Steve Bremis Realty Group can send you a monthly Market Snapshot which tracks homes in your area that have gone under agreement, how long homes are staying on the market and up to date recent sales. This can be an invaluable tool to keep tabs on the market in real time.
By using reliable tools, leveraging market insights, being open to feedback, and working with an experienced professional, you’ll be able to determine a realistic and competitive price for your home, which will ultimately maximize its value.
If you need more help setting an ideal home price, get in touch with the Steve Bremis Realty Group. As a multi-awarded realty firm, you can count on the Steve Bremis Realty Group to go above and beyond to help you realize your goals.
Call us today at 617.828.1070 or send us an email here to inquire about our services.