Pricing a home isn’t exactly the easiest part about selling real estate. Yes, there’s the fun, straightforward stuff like getting together a home’s interior, seeing a family happy with the promise of a new property in which they can make new memories, or having the opportunity to see so many new and diverse spaces, but as the saying goes: "you take the good."
Luckily, what might be a little more difficult or less concrete doesn’t have to be bad. Learning how to accurately price a home is an essential skill, one that anyone in real estate (whether seller OR buyer) should familiarize themselves with in order to score the perfect place for their budget.
Don’t be intimidated, there’s help. Gregg Klar from Keller Williams Austin has provided these expert tips on how to accurately, fairly and successfully price a home in order to get to the most rewarding part: helping others make amazing, new memories.
“When you list and sell a property for a seller, it is extremely important for you to do a great analysis on that home for you to determine the correct price for that property,” Gregg says.
Here’s some of Gregg’s best advice on how to price a home, each factor of crucial importance and value:
1. Evaluate the national market.
Though it may be starting out on a high, macro level, the scheme of the national market ultimately affects the selling of a home on a profound level. If someone can’t sell in major markets, then they may not be able to sell a home in whichever locale you’re attempting to take on. “That shrinks your pool of buyers,” Gregg warns, which could greatly change your possible price.
2. Remain aware of interest rates.
Gregg reminders sellers that one of the greatest factors affecting the “sellability” of a property is its interest rate.
Interest rates can contribute to a buyer’s trepidation in regards to purchasing. Keep in mind the height of the rate and how exactly a buyer will be able to swing the payments.
“If interest rates are high, it means that less people can afford a home,” Gregg advises. The converse is true as well. “If interest rates are low, more people can afford a home and more people will be purchasing properties.”
Now you can work your way in from the broad strokes and think about your property in a more micro, personal way.
Read the enrire article from Gregg HERE
* Aceable Agent blog partner