Putting a price tag on a home you’re planning to sell is tricky. For one, it’s your home, full of memories + dreams—and all that can cloud your judgment towards the wrong listing price. There are consequences: If you shoot too high, your home could stay on the market for months and maybe not sell at all. Price it too low and you could miss out of a whole lot of money.
That’s why we’re here to help you through this tough but critical decision. Read to find out How To List Your Home At The Right Price.
Repeat after us: What you paid doesn’t matter
You may have a dollar amount in mind—perhaps based on what you paid originally, plus a little extra. Because homes appreciate, right? Maybe yes, maybe no. While a hefty increase in value is nice in theory—and in general, it’s expected to be a seller’s market this year— so ultimately, it’s up to the market.
No matter what you paid for your home, market values fluctuate—both up and down. This can work for you or against you. But all that matters on the open market is what buyers are willing to pay now.
Use all your tools: Comps, Research, and your Realtor
The best way to get a handle on your home’s sales price are the prices of similarly sized homes in your neighborhood—otherwise known as “comparables,” or “comps.” For example, if a house near yours with the same square footage and numbers of bedrooms and bathrooms, and in similar condition, sold for $450,000 within the past three months, you can bet your own price will be in that ballpark.