Property Valuation: How to Price your Home like a Professional
One of the challenges that you may face as a homeowner is getting the price for your home. This may be because you lack adequate knowledge of the property market or are emotionally attached to the home.
Pricing has a great influence on how fast you will sell your house. Thus, of you set the price too high then you might be unable to sell fast. On the other hand, underpricing can only mean that you sell at a loss.
While you can sell your home on your own, it is even more challenging to set the right price hence it is advisable to enlist the help of proper experts like estate agents or quick house sale companies like Ready Steady Sell. However, you can use various market data and research to price your home like a professional.
You will be pleased to know that you can come up with an accurate price by checking comparable and getting property surveyors to conduct property valuation among others. Here are ways you can price your home like a professional:
- Compare prices – Before setting the price of your property, you will do well to check the sold prices of similar properties within your area. This is important as it lets you know if your price is higher than other similar houses within your neighbourhood. When using this approach, be sure to check the prices of at least three houses in your neighbourhood that are similar to your home in terms of location, condition as well as square footage. While at it ensure that you focus on the prices of property that is already sold as opposed to that which is yet to sell because you cannot tell whether current listings are overpriced or underpriced.
- Understand the market – When pricing your home for sale, the past can be a good pointer for determining the future. As such, you need to do some market research to determine the price for which homes in your neighbourhood sold for. This means the you go beyond checking the prices for which property in your area sold for, rather strive to understand historic pricing trends within your area. This way you will be able to tell whether properties in your area are appreciating or depreciating. This information is critical because you will not be too ambitious in a market where the prices are falling while get more aggressive when setting your asking price where the market is on fire. Thus, by understanding the market you will not be a victim of setting a price that is too low or too high.
- Get the help of experts – Using experts to ensure you set the right price for your property is essential if the sale of your home is to be successful. One way to go about it is getting a property surveyor to carry out a valuation in accordance to the criteria that is set by RICS. This may cost your some money. Alternatively, if you have a limited budget you can consider getting at least three different estate agents to give you a valuation of your home for free. The good thing about property valuation is that it is usually based on numerous factors.
If you are selling your home on your own, you must be prepared to research widely before setting an asking price and a selling price. Remember, getting the right price will go a long way in determining how fast your home will sell. Be sure to take advantage of online resources to set the price of your home and sell it fast.