If you are a first-time home seller, figuring out how to price your home can be tricky. There may be many factors that change from the time that you purchased your home to the time you sell it, but you can often do things to make the home more appealing. Here are some things to consider:
Your home's age can affect the home price; buyers may devalue older plumbing and building materials by including the higher costs of repairs in the selling price. Homes built before 1970 tend to have values that are significantly less than newer homes in some markets. If you're working with an older property, it helps to get a thorough inspection to prove that the home is still in solid condition. It's also a good idea to improve any major plumbing or insulation issues before you put your home up for sale. Age may play a role, but it can often be offset if everything else is a good deal.
Condition of Appliances and Finishes
The appearance of certain home fixtures, such as appliances and finishes, can greatly affect the value of your home. Having the latest appliances in your home will give it more of a luxury feel, for instance. And dated finishes can quickly make your home unattractive to the most savvy buyers. Some interior design consulting can help you to make your home look more modern without busting your budget. For older homes, it helps to have more energy-efficient finishes and replace lead paint with low-VOC paint.
Location is a major issue, but the hottest locations in your town may have changed since you first purchased your home. It's worth the time to look into the major selling points of your neighborhood and work them into any sales pitches that you give to prospective buyers.
The market conditions can fluctuate greatly from year to year. You may want to consult a real estate agent or do some financial research to see what the home values are doing in your area. Looking for comparable home prices on real estate websites can also give you some insight into the current market conditions and pricing.
How Eager You Are to Sell
Finally, your eagerness to sell can affect your home's pricing. If you have some time constraints, it may be wise to price your home below market value (if only slightly) for a quicker sell. Consult a real estate professional to do this with tact so that you don't lose too much money.
These are only a few of the factors that can change how you price your home. When you are unsure of what price to start at, consulting a great real estate agency in your area is very helpful; they'll make sure that you get a great selling price for your home, while not being unrealistic and wasting time on the market.