Sure, you updated the kitchen, which is typically a good return on investment. But a similar house up the street just sold for $275,000 and it’s on a larger lot than yours. Plus, you bought in the late spring and it’s now early winter. Oh—and your teenaged daughter insisted on painting her room black.
Or, perhaps it’s more like this: Home prices in your neighborhood shot upward in recent months after the local public school got an A+ schools rating and a new upscale shopping center broke ground a mile away. That house around the corner just sold for $315,000, and it’s not even updated. Plus, you originally bought the house in the dead of winter, but now it’s late spring. Oh—and your spouse is a master gardener who has made the yard look amazing.
In the first scenario above, you’d be incredibly lucky to get $290,000 for your home; in the second, somewhere in the low $300s might not be an unreasonable price point. But as I hope you can see, the price you set for your house isn’t based on what you “need to get” based on paying off your mortgage, “getting back” the investment you made in updates, or even what you paid for it. There is an array of factors that a reputable real estate professional will assess before recommending a list price for your home. Here are the top six questions to ask yourself when considering what a reasonable list price is for your home:
At The Vincent Group at GreatNest, we will help you determine the best listing price for your home for sale, and we’ll help you navigate and negotiate the offers you receive. Check out our other posts on pricing at "Price Your Home for Sale" and "Properly Pricing Your Home."
We are proud to save our clients money by charging a low set fee instead of a percentage commission, offering complete real estate services for buyers and sellers in Greensboro, High Point, Winston-Salem, Summerfield, Oak Ridge, Jamestown, and other Piedmont Triad areas. Please get in touch with our experienced real estate professionals by calling (336) 790-5210 or by emailing Steve Vincent. Visit our website at greatnest.com.