Coldwell Banker Chicora Advantage Blog

How to Price Your Home For Sale – Top Factors to Consider

Posted: October 13, 2017 by Rod Smith

If you want to sell your home ASAP, pricing it accordingly will give you a definite advantage over other sellers in your area. In fact, pricing the home for sale is both the most important and most challenging thing you need to do. 

 How to Price Your Home For Sale – Top Factors to Consider

According to numerous studies, the more time a house remains on the market, the lower its value will get. Thus, it is imperative to know how to select the right price for your property if you want to sell it fast and get the highest profit.


Without further ado, here are 5 comprehensive factors to consider when selecting the sale price of your home:


1. The Actual Market Conditions

The first and most important factor you need to study is the local market conditions. Almost all Myrtle Beach Realtors will tell you that the real estate market in Myrtle Beach is on an ascending trend. However, there are may be some dips along the way. For this and many other factors, it is imperative to always go with a more competitive price. 

The great news is that if you want to sell in the fall of 2017, the market in Myrtle Beach is on an ascending trend, with the demand higher than the supply. If you sell now, you might find the best price for your home. Do not hesitate and contact Coldwell Banker Chicora Advantage to find the suitable sellers for your home.



2. Other Properties Sold on the Market


Another important factor to take into consideration when pricing your home for sale is the average price of other similar properties sold in your area. Speaking bluntly, this is the main criterion Myrtle Beach Real estate agents look at when determining the market value of properties located in a certain area.

As a rule of thumb, you should search the area within a mile or two of your home location. Compare your home with similar homes that have the same number of rooms, similar style, and the same amenities. If you notice that homes equipped with certain amenities sell for more, do not hesitate to price your home accordingly as long as your property is equipped with similar amenities.

For example, a home equipped with solar shingles or a renewable energy system (such as solar panels) could sell for up to 10% more. Moreover, green homes that possess a lot of energy-saving appliances are considered great investments and are usually priced 15-20% above the market level.



3. Current Home Inventory


It is crucial to consider your home’s current inventory if you want to select the best price for it. If you are planning to move to another city, state or even country, you might want to leave your furniture and appliances behind. If you do that, do not forget to add to the standard home price the combined price of furniture, appliances, and electronics. 

Depending on your current inventory, you can increase your home price by up to 30%. However, make sure to list all the items in the ad to show potential buyers that you are selling a fully equipped house.



4. Think Like a Buyer


If you want to price your home for sale, it is imperative to think like a buyer. You’ve probably heard the term “sentimental value”. This only increases the price of a home for you, the seller. However, for the buyer the sentimental value is non-existent. Try to look at your ad from an external, pragmatic point of view. Be rational and try to determine if your home’s value sparks your potential buyers’ desire.



5. Sweeten the Deal


Ultimately, you should always try to make the deal more advantageous for the buyer. That’s why it is not always a smart decision to set a higher price in the beginning. Setting your price right from the beginning will get you more interest from more buyers.


The Bottom Line


Pricing your home for sale might seem quite a daunting task. However, if you take one factor at a time, you will be able to select the right price for your property and sell it with maximum profit. The professionals with Coldwell Banker Chicora Advantage Real Estate are experienced in setting the correct pricing that will not only sell your home fast, and sell it for the most profit based on market conditions. 

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