How to Price to Sell and Still Make a Profit
The asking price you set for your home significantly impacts whether you will profit in the sale, how much you will profit, and the length of time your home will sit on the market. Your real estate agent’s understanding of the total market and what’s selling – or not selling – will be important in helping you figure out the price. The goal is to discover a rate that the market will bear however will not leave cash on the table.
Here are some points to consider:
Time. Time is not on your side when it pertains to realty. Although lots of aspects affect the outcome, maybe time is the greatest determinant in whether you see a profit and just how much you earn. Studies show that the longer a home stays on the marketplace, the less likely it is to sell for the original listing price. Therefore, if your goal is to make money, think about a cost that will motivate purchaser activity.
Worth vs. Cost.
Pricing your home to sell in quickly requires some objectivity. It’s important that you not confuse value with cost – simply puts, just how much you value your home versus what purchasers want to pay for it. Don’t place excessive focus on home enhancements when deciding your listing price, since buyers may not share your taste. For instance, not everyone desires wood floors or granite countertops.
Keep it basic.
Due to the fact that time is of the essence, make it simple for the buyers. Stay flexible on when your agent can schedule showings. Likewise, avoid putting contingencies on the sale. Though a desirable move-in date produces a smoother shift in between houses, it could cause you to lose the sale altogether.