Use This Easy Checklist to Price Your Home
Looking for pricing advice? Check out this handy checklist! Follow the steps outlined below to come up with a fair and well-researched price for your home.
- Don't only rely on the Zillow's Zestimate tool. (Their estimates are a good starting point, but have a "median error rate" of about 8%, according to Zillow's CEO.)
- Do use the Redfin pricing tool, which is the considered best home value estimator available (as of this writing).
- Use Realtor.com to compare your estimated price to similar homes in your area that are currently for sale.
- Objectively note whether you are over-valuing any features of your home. Adjust your pricing accordingly. Remember studies show the final sales price you have in mind is likely 8% higher than what it is likely to be.
- Consider lowering your price slightly below common search ranges. For example, $399,000 will catch buyers who set their search criteria to a max home price of $400,000. You will miss those same buyers if your home is priced at $405,000.
- If you aren't in a rush to sell, remember longer days on market is fine and may lead to a higher sales price.
- At this stage, you should be all set. But, if you need added confidence, you can have an appraisal done.
Questions about how to accurately price your home? Ask us!
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