Ignite FB Tracking PixelIs Your Home's Initial Asking Price Realistic? - Don Russell

Is Your Home's Initial Asking Price Realistic?

by Don Russell 01/21/2019

A home seller must consider the initial asking price of his or her residence closely. Because if a home seller sets an unrealistic initial asking price, he or she risks alienating potential buyers.

Now, let's take a look at three tips to help you set a realistic initial asking price for your house.

1. Review the Local Housing Market

The local housing market may favor buyers or sellers. Fortunately, if you analyze the local housing sector, you can differentiate a buyer's market from a seller's market – or vice-versa – and price your house accordingly.

In a buyer's market, there is an abundance of quality residences and a shortage of buyers. And if you're operating in a buyer's market, you may need to price your house aggressively to stir up interest in it.

Comparatively, in a seller's market, there is a shortage of quality residences and an abundance of buyers. In a seller's market, you may be able to generate lots of interest in your house, even if you set an above-average price for it.

Regardless of whether you're operating in a buyer's or seller's market, you should assess housing sector data. Find out how your residence stacks up against available houses in your city or town that are similar to your own. Then, you may be better equipped than ever before to set a competitive initial asking price for your home.

2. Conduct a Home Inspection and Appraisal

By performing a home inspection, you can receive comprehensive insights into your house's condition. Following an inspection, you can prioritize home repairs. Plus, you can use an inspection report to help you determine how to price your residence.

In addition, you can conduct a home appraisal prior to listing your residence. Thanks to an appraisal, you can receive a property valuation. And as a result, you can use this property valuation to price your house appropriately.

3. Consult with a Real Estate Agent

A real estate agent understands the ins and outs of the housing market. Thus, he or she can help you establish the right price for your house.

Ultimately, a real estate agent is unafraid to be honest with a house seller. He or she will teach a seller about the housing market and provide unbiased recommendations about how to price a residence. Best of all, a real estate agent will promote a house to prospective buyers and ensure a seller can get the best price for his or her home.

Let's not forget about the assistance that a real estate agent can provide during a negotiation, either. A real estate agent is happy to negotiate with a buyer on your behalf. As such, a real estate agent can help you optimize your house sale earnings.

For a home seller who wants to determine the right price for his or her house, it helps to prepare as much as possible. If you take advantage of the aforementioned tips, you can establish a competitive initial asking price for your home and boost the likelihood of enjoying a fast, profitable house selling experience.

About the Author

Author
Don Russell

Originally from the San Francisco Bay Area, Don holds a Bachelor's Degree from the University of California At Berkeley. He has spent his career as a Real Estate and Development professional on the West Coast of the US, as well as holding many executive Real Estate positions with a large multi-national company. He speaks and reads Spanish fluently.

Don spent more than 15 years of his career living and working in Latin America and the Caribbean. In the late 1990's, he returned from living in Mexico City to reside and work out of South Florida. This was his first taste of the "Florida lifestyle" and he was "hooked". Prior to his last foreign venture in Los Cabos, Mexico, Don lived in South Beach, Palm Beach and Amelia Island, Florida.

In Los Cabos, Don oversaw the development of a large high-end golf course community. He was directly or indirectly responsible for the sales and development of many high-end oceanfront properties ranging from $5 to $10 million. Having a Real Estate and Development/Construction background all woven into one professional, Don was able to provide the necessary daily attention to detail to all aspects of his projects and maintain excellent relationships with the buyers. Known for his organizational skills, great communication skills and follow-up, he was always receiving great accolades from all parties involved in his work.

After more than 5 years in Los Cabos, Don made the decision it was time to return to the states. As in the past, Florida was harkening to him in the back of his mind. so he set out for a new adventure. A friend suggested he come take a look at the West Coast of Florida, particularly Sarasota, and after one trip, that new adventure started!

After moving to Sarasota 5 years ago, Don obtained his Florida Real Estate License and became a member of the industry in Sarasota. As your professional Realtor, whether you are buying or selling, Don will provide you with the best service available in the marketplace. Whether you are relocating to the Sarasota area or already living in this wonderful area, Don is here to make your Real Estate goals happen hassle free! Se habla Espanol!