Blonch

When you want to sell a house, everybody wants to know about your listing or asking price. Set it too high and you can scare off folks who are looking in a lower price range. Set it too low and you likely won’t get full value for your house, unless you end up in a bidding war with more than one buyer (the seller’s dream).

This is another instance of needing to know your market. A knowledgeable agent can help. You want to see what comparable houses in the area have recently sold for (known as “comps”), how long they were on the market, and how the selling price compares to the asking price. You also want to know what houses in the are are currently listed for. Along with that you want to know how long each house has been listed, and whether the asking price has changed over time, and if so, by how much.

In our neighborhood, houses are listed and selling for about $60 per square foot, unless they have been significantly updated, in which case they bring a little more. That number is an average, but several listings are higher and lower than that average. With the help of our agent, we looked at the recent sales and current listings and pinpointed where we think our house for sale fits, then chose an attractive price point just under that. Part of it is mental – don’t list for $130,000 but go for $129,900. The hundred dollar difference is a bigger perception of the house lists for less than the $130,000 houses around it and is “priced to sell.” Combined with “move-in ready” we have high hopes. Open house is this Sunday. I’ll keep you posted.

Filed under:
residential real estate by PecosJack