When it comes to selling your home, setting the purchase price is one of the most difficult decisions you’ll have to make. If your price is too high, your house could stagnate on the market, or you could alienate potential buyers. On the other hand, you could miss out on thousands of dollars if your price is too low. What’s a seller to do? Luckily, there’s help. Read on to learn how to set a purchase price that’s just right.
Perfect for the do-itself-yourself type, a comparative market analysis (CMA) involves researching homes recently sold in your area and comparing them to your own home to establish a general price range. To conduct a CMA, choose several recently sold homes in your neighborhood with comparable square footage, the same number of bedrooms, and the same general amenities as your house. Walk by and assess these properties, considering lot size, location, appearance and general condition compared with your home. Then, set your asking price accordingly.
If you’re more of the no-muss, no-fuss type, then the easiest way to set the asking price for your home is to pay for an appraisal. A professional appraiser will visit your home and place an estimated value on the house. Keep in mind that an appraisal is subjective, and while it is easier than completing a CMA, the results aren’t always as accurate. You may want to take your appraisal and supplement it with a comparative analysis to help you set an accurate asking price.
Setting the purchase price for your home can be daunting, but it doesn’t have to be impossible. Whether you use a CMA, an appraisal, or a combination of the two, keep your expectations realistic and be ready to compromise. Taking the time to set a reasonable asking price will ultimately pay off in the long run.
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