Real estate professionals offer advice, theories, their opinions, research, data, etc, regarding what price, a homeowner should list his house! However, since one’s house, in the vast majority of instances, is someone’s single – biggest asset, the final decision is always up to the homeowner. How can someone who has lived in a house for years, become emotionally attached to it, because it has been their home (where memories, life events, etc. happened), and whose perception of their house might significantly differ from potential buyers, be expected to be able to do so? While it might be challenging, it is important to list one’s house correctly, right from the start! Let’s review a few considerations, using a mnemonic approach, that impact how you will determine your listing PRICE.
1. Priorities; place; pluses; perceptions: First, consider your personal priorities. How quickly do you want to (or have to) sell the house? Are you most concerned with your net proceeds, how long it takes, or minimizing your hassle and stress? Will you take the time to learn what might help you? How does the place, or exact, precise location, affect what buyers might offer? Will you evaluate both the pluses, as well as minuses, of your cherished home? Are you willing and able to look at it, through the eyes of potential buyers, and realize their perceptions and observations?
2. Rooms; region: How many rooms are in the house? What condition are they in? Are the updated, clean and neat, with light, airy, good – sized capabilities, or are their certain faults or setbacks, which might reduce how others perceive it? How about the bathrooms? Are they updated and pristine? Is the master bath (or is there one) a plus, or minus? How about the region it’s located? This refers, both to the geographical location of your town, versus surrounding ones, and how its perceived and compared, as well as the specific location in town, on the block, etc, it’s situated.
3. Impression; interior: What;s the first impression someone might get from your house? Go through your home, room, by room, and evaluate the positives and negatives, of the interior of the house, objectively and thoroughly.
4. Condition; curb appeal; competition (Comparables): Is the condition of the house pristine, excellent, very good, good or something else? How much curb appeal is exhibited, and can you address that in a somewhat simple way? Look at the competition, as if you were a buyer, and then look at your house, the same way, so you can understand, how your house compares!
5. Eye – appeal; existing; exterior: How much eye – appeal is there? Will that factor drive your price up, or down? Are there any existing conditions which should be addressed, prior to putting it on the market? Look closely at the exterior, both of the property, as well as the house, itself. Are these conditions pluses or minuses?
Since houses generally receive their best offers in the first few weeks after they are listed, doesn’t it make sense, to list yours at the right price, from the start. Don’t falsely believe higher listing prices will fetch higher prices, because you have more wiggle room. Often, artificially high pricing turns off potential buyers, and the more views by qualified buyers, the better your opportunities and chances, to succeed.