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Reasons to Establish a Competitive Initial Asking Price for Your Home

Reasons to Establish a Competitive Initial Asking Price for Your Home

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If you intend to list your house, it helps to determine a competitive initial home asking price. That way, you can stir up plenty of interest in your residence as soon as it becomes available.

Ultimately, there are many reasons to establish a competitive price for your home, and these include:

1. You can boost the likelihood of a quick, profitable home sale.

A competitive home price is sure to garner homebuyers' attention. Thus, it may help your house stand out to potential buyers, increasing the likelihood of a quick, profitable home sale.

Oftentimes, it helps to review the prices of comparable houses in your city or town before you list your residence. If you understand the prices of similar homes in your area, you can set a competitive price from day one. With this price in place, you can generate interest in your home and move one step closer to selling your house.

 

2. You can minimize the risk of alienating potential buyers.

A home's price is one of the key factors that a buyer will consider as he or she evaluates the real estate market. If your home is overpriced based on its age and condition, you risk alienating potential buyers. And if no buyers show interest in your home, you may be forced to lower your home's price down the line.

Setting a competitive home price requires you to take a close look at your residence and examine its pros and cons. If you can identify your house's strengths and weaknesses, you'll be better equipped than ever before to understand the buyer's perspective. Then, you can establish a price in line with buyers' expectations.

Furthermore, it may be beneficial to conduct a home inspection before you list your residence. This inspection enables you to gain comprehensive insights into any underlying home problems. As a result, you can use the inspection to identify any home issues and ensure these problems won't prevent you from maximizing the profits from your home sale.

 

3. You won't have to worry about selling yourself short.

A competitive home price likely is based on a wide range of housing market data and a house's age and condition. Therefore, it helps minimize the risk that you'll sell yourself short.

By establishing a competitive home price, you can feel confident that your residence is priced fairly. And if you deploy a data-driven approach to selling your house, you should have no trouble establishing a competitive home price.

Lastly, if you need help determining how to price your house, you may want to hire a real estate agent. This housing market professional can offer expert insights into the home selling journey and ensure you can list your house at a competitive price. In addition, a real estate agent will do everything possible to help you optimize the value of your home.

 

Ready to list your residence? Set a competitive price for your house, and you can bolster your chances of enjoying a successful home selling experience.

 

Call Barbara Michaluk, Weichert Realtor and Authorized Leisure World Specialist 
Phone 240-506-2434 / email: michaluk@verizon.net /
web: www.BarbaraSellsMDhomes.com

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Barbara Michaluk, Realtor

Phone 240-506-2434

Email: michaluk@verizon.net  /  Web: BarbaraSellsMDhomes.com

Authorized Leisure World Specialist / Senior Real Estate Specialist /
Internet Marketing Specialist / Certified E-Pro / Certified Staging Agent

Weichert Realtors / 3816 International Dr / Silver Spring, MD 20906

Authorized Leisure World Specialist     Barbara Michaluk Graduate Internet Marketing Specialist Barbara Michaluk Senior Real Estate Specialist   

Comment balloon 2 commentsBarbara Michaluk • August 06 2019 03:15PM

Comments

So agree. Many sellers do not listen to their listing agents who provided them with competitive market analysis. Their love of their home, their belief in sweat equity translates into actual cold cash are some of the reasons for overpricing their homes. Great points and thank you Barbara Michaluk for sharing.

Posted by Leanne Smith, Relocation to NW AZ with elbow room & more freedom (Dirt Road Real Estate) 13 days ago

Thanks Leanne Smith. It's in a seller's best interest to choose to work with a realtor who knows their community.

Posted by Barbara Michaluk, Top Producing / Full Service REALTOR in Marylan (Weichert Realtors | Silver Spring, MD Phone Direct 240-506-2434) 13 days ago

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