What Price Should I Sell My House for?
Selling a house takes time, planning, and conviction. It may seem like an easy thing to set put your house on the market and wait for someone to buy it, but I assure you, it isn’t! There is so much competition nowadays that you need to follow several guidelines in order to give your house the best chance of being bought. The first of these things to figure out is how much you plan to sell your house for. You can’t go too high, but you also don’t want to go too low. So, how does one figure out how much their house should be sold for?
What Size is Your House?
Obviously, the first thing you should look at is the size of your house. The total area of your property is important in determining its value. There are a few things that will alter the cost of your house, however. The most common thing people are looking for are bedrooms. So long as you have a kitchen, lounge, and all the other essential rooms, the main rooms that will increase the value of your house are the number of bedrooms. The majority of buyers are looking for three bedrooms; if your house has three bedrooms, this will significantly increase the value with which you will be able to sell. If you have just one or two, you might have to aim a little lower than the average three bedroom house.
Aim for the Herd
It is not wrong to aim for a slightly lower price range than you would expect your house to go for. If your price is lower than everyone else’s, you will attract the ‘herd’. The herd means the people who are looking for the lowest possible cost. If you are able to attract enough of these people, they may just be willing to up the price to where you initially expected in order to outbid the others!
Think Like a Real Estate Agent
When a real estate agent agrees to help someone find a house, they will perform a search based on the parameters given to them by their client. Let’s assume for the moment that the average person looks for a house with three bedrooms at a cost of $500,000 U.S. or less. If you wish to fit into the parameters of the agent’s house search, it may be ideal to set your selling price just below the average buyer cost. It would be unwise to set your selling price at $510,000 only to be missed out when the real estate agent searches for a house just below that price!
Be Ready to Adapt
Leaving your house on the market long-term is not recommended. If your house does not sell after a decent amount of time, you may have to be flexible and drop your price slightly. When it comes to this instance, the best thing to do is listen to your real estate agent. It’s their job to know what to do in a situation such as that!