How to Establish a Price for Your Home
When placing your home on the market, it is essential to find out which homes in your area are for sale and what they are selling for. You will need to choose houses that are similar to yours. Then you will get an estimate of the going market price.
A great resource for pricing information is to ask your real estate agent. For example, Gregg Sutter has sold hundreds of homes in his career and he is very familiar with the Cincinnati metro area. He can quickly give you a list of homes nearby that you will be competing against.
You can research online for relative information by comparing homes for sale in your area and their asking prices, in my website, click here to search. In fact, my website has the complete, up-to-date MLS (Multiple Listing Service) of all Cincinnati homes. Look for information on buying your home, too.
Questions you want to be answered while researching the current market value of your home are:
- What is the square footage of a similar home?
- Do they have a finished basement?
- Is there a garage? How big? Attached or detached?
- Appliances included?
- Lot size?
For each home that is like yours, read the description and look at the photograph. Try to get a sense what the market is like. You get the idea!
Low offers are very discouraging and heartbreaking. But understand how important it is to field those low offers. The good news, you just received an offer from someone who wants to buy your home.
Try your best to set your emotions aside and focus on the facts. Any offer deserves a cordial response, and this keeps the buyer involved in the deal.
- Prepare a counter offer, either an outright rejection or a price you are willing to accept.
- A counter offer and negotiation could turn that low purchase offer into a sale.
Gregg Sutter’s expert advice will help you handle these kinds of situations.
Once you have a good feeling for the type of homes that are like yours and that are on the market, you will be much more successful in accurately pricing your home.