Ready to Make Your Move?
Nothing has more of an impact on how fast your house will sell and the quality of the offers you receive than its price. When you decide on an asking price for your home, you’ll consider how much money you want to make, of course, but the asking price will be determined by market conditions and the qualities of the house itself.
To determine an asking price, you’ll want to know what similar homes are selling for and how long they’re spending on the market. It’s also important to know how many similar homes are for sale now and what sellers are asking for those homes.
It could be helpful to know the prices of nearby homes that were on the market, but didn’t sell. Finally, are there other market factors that could influence your sale? For example, is the current market more favorable to buyers or sellers? What are interest rates like (higher rates sometimes mean fewer buyers). What is the economy like? And, are there government policies that are affecting home sales? All these will come into play when determining the right price for your home.
Supply and demand is also important. If there aren’t many homes on the market but demand is still high, you may be able to ask more than you could in a market flooded with homes for sale. The market also comes into play when you decide whether to price your home on the lower or higher end of the range that makes sense. If there are many buyers looking, it may make the most sense to price at the lower end of the range to drive more interest and get the most bidders possible.
Your home’s unique qualities are also a factor, of course. What features does it have? For example, in Colorado, homes with mountain views can command more money than homes without views (and the rare home with mountain AND water views commands even more).
The age of your home is also a factor as well as its location, which means the neighborhood it’s in as well as how easy it is for prospective buyers to get to work, downtown or to other amenities like shopping, dining, parks and trails.