When it’s time to sell your home, there are a lot of things to consider. You should make time to tidy things up to prepare for interested buyers.
You should start a checklist of things to pack for your move to your next location. You should also contact a qualified real estate agent to help facilitate the sale.
Another important decision is the selling price for your home. You may have a set amount in mind that you want to receive from the sale.
However, you also have to consider if that amount is actually realistic. Market trends and supply and demand can have a great impact on the sale of your home.
Selling your home in Alabama is a process, but it can be done right as long as you put in some time, effort and research. If your home sells right away, that’s great! Just keep in mind that it can take a few weeks or even months for the transaction and paperwork to be completed.
Here are a few things to consider when you’re pricing your home as you put it up for sale.
? The current inventory of homes for sale
One of the most important things to look at is how many similar homes in your area are currently up for sale.
If there are a lot of unsold homes out there, it can take longer for you to sell your home because demand is low.
You need to price your home more competitively and market it more aggressively in order for it to stand out above the competition.
If there are fewer homes available for sale or homes in your neighborhood are selling quickly, then you can ask for a price that’s above market value because you know the demand is there.
? The number of recently sold properties in the area
Most realtors look at the comparative value of other homes sold in your area to determine your home’s current market value.
They search based on the population density. If you live in an area that’s sparsely populated, the search radius can be several miles or more.
If you live in a densely populated area, the realtor may only have to search for your neighborhood and surrounding streets.
Seeing what other similar homes in your area are selling for is a good indicator of what sort of asking price you should have for your home.
? Look at other properties that are also currently for sale
Another key factor is the number of homes in your area that are currently up for sale.
Look at the number of properties that are for sale and the average prices.
You may be tempted to price your home higher than the competition, with the rationale that your home is unique and should stand out on its own.
However, try to avoid this mindset. Pricing your home higher than market value in a sluggish market can make it more difficult to sell.
People are usually not willing to pay higher prices when comparable properties that are being offered for lower prices aren’t selling in a sluggish economy.
? The agreement date of other properties that were recently sold
Looking at the date that similar properties were sold and the conditions of the market at the time can also help you determine a proper selling price for your home.
If the agreement date was made during a time when the market was prosperous, you may be able to offer a higher selling price.
If the agreement date was made during a time when the market was less competitive, you should probably be more conservative with your asking price.
Your realtor should be able to help you with this information so that you can come up with a selling price that will garner more interest from potential buyers.
? Pay attention to homes that are currently under agreement
Taking the time to see how many homes for sale are currently under the agreement can serve as a barometer for current market conditions.
You won’t be able to see what these houses sell for, but you can evaluate your asking price by looking at how quickly these homes were sold.
If they sold quickly, it’s a good bet that they probably sold at around the asking price or maybe even a little higher.
On the other hand, if they sat for months before the sale was completed, the sellers probably had to reduce their asking price due to a down market.
? Don’t forget about current market conditions
Pay attention to what the market is doing now when you are ready to sell.
For the most part, the real estate market has been improving for several years. However, every area is different.
It all depends on supply, demand and the economic conditions where you live.
You can try selling your home when the market is sluggish.
However, you’ll have to price your home more competitively and be more aggressive with your marketing strategy than you would when the market is flourishing.
? In Conclusion
These are some of the most important things to keep in mind when you’re thinking about a proper asking price for your home. Keep in mind that the market is always changing.
It could be doing well one day, and doing poorly the next. Staying on top of current trends and making your home as appealing as possible can help you sell your home faster.
Your realtor should be able to provide you with a wealth of information regarding local property and home sales data.
They can tell you what similar properties have sold for and help you come up with a list of selling features that can help your home stand out.
They have years of knowledge and expertise to help you market your home to reach your target consumers effectively and efficiently.
They should be contacting you when market conditions change and should help you come up with new ideas to make your home more appealing during times when the market is slow.
The entire process can take months, but it is worth the time and effort to get your home sold at a price that you’re satisfied with.
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Give The Howell Group a call today at 205-568-5435 to learn more about local areas, discuss selling a house, or tour available homes for sale.