Factors That Affect Your Home's Sale
There are three main factors that determine how marketable your home--price, financing, and time.
- If your home is priced too high, you must be willing to wait much longer for your home to sell. Either it will take that much longer to find someone to pay more than the home is worth, or the market will eventually catch up to the asking price of the home through inflation.
- You may not realize it, but the financing of your buyer can have a tremendous impact on the success of selling your home. Try to offer very attractive financing options. Consider carrying the financing yourself at a below-market interest rate or preparing your home for government financing. This could open the door for many buyers that otherwise wouldn't even consider your home.
- If your time frame is important then you must be willing to lower the price.
How Much Should You Ask for Your Home?
Of course you want to get the full market value for your home. The first step to getting the best price is to determine your home's value. As your REALTOR®, we can help you set an asking price by taking the following factors into consideration:
- Your home's value may depend on recent selling prices of comparable homes in your area. After reviewing the selling prices for such homes, the price is adjusted according to current market trends.
- Buyers most likely look in the price range determined by their monthly payment ability and down payment. Buyers are often very knowledgeable in their price range and purchase by comparison. Unreasonable asking prices are an immediate turn-off.
- Inviting a potential buyer to make an offer shows that you are willing to bargain. However, if your asking price is outrageous, the buyer's offer will most likely also be unreasonable.
- It's necessary to offer pricing, terms and conditions that are competitive in your market. This will help you sell faster and get the full market value.