A New Home Search
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A New Home Search

After several years of diligently saving money, I’m nearly ready to purchase my first home. Because I’ve been thinking about buying a home for so long, I know exactly what I want my house to look like. I desire a place that has three bedrooms and three bathrooms. I also need a quiet space to set up my home office in. I want a massive, walk-in closet in my master bedroom. My master bathroom needs to have double vanities, a tiled, walk-in shower, and a Jacuzzi tub. On this blog, I hope you will discover how to set priorities during your new home search. Enjoy!


A New Home Search

3 Easy Steps To Help You Choose The Right Asking Price For Your Home

Elli Jokela

When you decide to sell your home, one of the decisions you must make involves selecting an asking price. The asking price of your home is more important than you think, and it could help or hinder the ability for you to sell your home in a relatively short amount of time. As you prepare to list your home, you may want to follow these three easy steps to help you find the right price to ask.

Step 1: Review Comps

In real estate, there is a term known as comps. Comps refer to homes that are comparable to yours that have recently sold on the real estate market. Looking into comps for your home is a great place to start, because this will help you see what similar homes sold for in today's market.

To find comps for your home, you should typically look for homes that sold within the last 90 days. As with any commodity, prices of homes vary depending on the market. This is why sticking with the last three months is a good rule of thumb when looking for comps; however, some experts recommend using six months as a rule when looking for comps.

The next thing to know when selecting homes to use as comps is the importance of finding homes that are actually similar to yours. This can be hard because all homes are different, but you can view the following details when looking for comps:

  • Quality of the location of the home
  • The size of the home in terms of square feet
  • The features the home offers

When you find homes similar to yours, you can get a good idea of what price range to consider by basing this decision on the price the comps sold for.

Step 2: Consider How It Will Be Viewed In Searches

After reviewing comps, you may have a good idea of the range to use for your asking price, but you should also consider the way people will find your home when searching listing sites. The goal is choosing a price that will be easily found by people looking for homes around your home's price.

To do this, you may need to reduce the price slightly. For example, if homes similar to yours sold for around $250,000, you may want to choose an asking price just below this, such as $249,000. When people search for homes under $250,000, they will find your listing, because it is priced below this mark. If you price it at $250,000, you will lose potential buyers if they search for homes under $250,000.

Step 3: Avoid Asking Too Much

The third step to keep in mind when selecting an asking price is the importance of avoiding setting a price that is too high. Not only will a price too high deter many buyers, but it can also make it harder to sell your home for another reason. If the price is too high, you may be forced to lower the price in order to sell it.

When buyers are looking for homes to buy and notice a house price has been reduced, it can trigger red flags. People may wonder why the house is not selling, and they may suspect that the house has problems. In addition, experts suggest that when a seller must drop the asking price of a home, he or she will end up getting less for the home than he or she would have if the price had been set right from the start.

These steps may be useful for helping you set the right price for your home, but talking with a real estate agent is another good step to take. To learn more, contact a realty office today.