Tips on Pricing a Home to Sell

 

The gap between what a seller believes their home is worth and a buyer is willing to pay isn’t always readily understood. When you are ready to price your home to sell, take these factors into consideration. Begin by checking the prices of recently sold houses in your area.

 

“Comparables”

Research homes that have sold in the last few months in your immediate area. Neighborhoods can vary, so the closer the comparable homes the better. The sold houses won’t all be the same size. Include all of the houses, although those of similar size can help specifically develop a more accurate list price.

 

House Size

The square footage of a home is an essential factor in determining a list price. Figure out the average price per square footage on each of the homes that have recently sold on your list of comparable properties.

Inman suggests using the 10 percent rule to determine a fair market value. “The 10 percent rule says that both the improvements and the square footage of the land must be within 10 percent of those of the subject property being evaluated.”

 

Lot Size

The total lot size includes both the land the home sits on as well as the entire property lot. The right location can increase the value on a home even when it is in need of updating. Many people prefer a home with trees and space for a pet or child to play outside. House renovations are easier to make than lot size changes so the right location will help a house sell more quickly.

 

Recent Home Renovations

Although a homeowner cannot expect to include the total cost of renovations into the list price on a home, it is a factor. A new roof means a buyer has saved themselves a significant expense for the next 30 years or so. Adding square footage to a house may increase the value of a home, but another option may to take down a wall and make a living space larger.

 

When you are ready to sell your house contact The Ray Larson Group. Our knowledge and experience with real estate in The Woodlands, TX will ensure you price your home to sell quickly for the most money.