As hard as it seems, selling your house does not have to be a stressful experience. In most cases, we sell our house to either buy a bigger or better house which is supposed to be a good thing. Another possible reason for selling our beloved house is to fulfill an urgent and unavoidable need, it could be to get a medical treatment, to pay off a large loan or to get rid of a traumatic memory that got attached with your house. Though these reasons might sound a little saddening but looking at the bright side, you are getting an enormous task done which you did not have the means to do without selling your valued possession, your house. Since we have established that in most cases we sell our houses because we want the money to fulfill a rather large endeavour, we want every extra penny that we can get for our house.
An important factor that one should keep in mind while selling his/her house is that property prices can either stay still for months in a status quo situation or property value can change every day when the market is volatile (upwards or downwards). Either case, what matters is, whether you really need that money you are selling your house for…and when you are sure about that, the next step is to think of a right price tag for your house. While the decision is always yours, we can at least give some tips on how to set a price good enough that it fulfils your need but it is not so high that potential customers think of it as an unreasonably set price and move on.
- Study the Market: While you have a need or a dream that you want to fulfil by selling the house, your house has to compete with other similar options in the market. It is always a wise decision to study the market before putting a price tag on your house.
- Compare with Similar Properties on Sale: Once you know what other options are available on the market, you might also want to go see a few properties on sale. This will help you compare with what ups and downs the other (similar) properties have.
- Think of Your Magic Number: Once you have studied the market, you would have a fair idea of features that each property has and what is driving the pricing tag a particular property has. While you may already have a number in your head right when you started thinking to sell the house, this market study will help you price your house such that it sells quickly.
- Another aspect to be mindful of while putting a price tag on your house is to analyse the market trend as well. Whether the market is going up, going down or there is no change. Whether there are plenty of buyers in the market or there is a slow down and not many serious buyers out there. This might also affect your pricing strategy.