Determine what your house is really worth according to the current market, not what you believe it is worth as guided by your personal sentiment. Emotional pricing of a house for sale is common, so perhaps a professional appraisal is in order.
Do you know what your house is truly worth? That doesn’t often mean the same as what you believe it is worth from an emotional standpoint. Most homeowners love their homes and tend to see them as great place to live. Buyers would pay lots of money for the house, it’s just so great on all levels, right? Maybe not. One of the biggest mistakes a home seller makes is to price their home higher than what the current market value reflects instead of what it should be priced at if you want to sell it.
The Ideal Asking Price
The ideal asking price should be slightly below what the current market says it is worth. You’ll find out what that number is by doing research on homes in the area that have recently sold, what houses for sale are asking now, and including any special features that might make yours worth a bit more or a bit less. Do what you must do to remove your emotions from your assessment of what the house is worth. By doing what real estate professionals call ‘comps’ you’ll get a realistic idea of what you should ask if you sell the house. Comps are comparable listings, which include those in your immediate neighborhood that are very similar to yours in size, lot, and condition.
What is the Value of Unique Features?
Unique features make a bit of a difference but start with the basic similarities. Features that might make the property worth a little more or a little less would include a swimming pool, unless most houses in your area have them, fenced areas for children and pets to play safely, close proximity to school, and other positive things about living in your house as opposed to others around you. If you have a nice deck with built in hot tub that could be a positive selling feature.
Get an Appraiser Evaluation
If your sentiments don’t allow you to look objectively at your property, don’t be concerned. It’s quite common. After all, it is your castle. The solution is to hire an appraiser that will give you an honest, thoroughly objective view of what your house should be priced at. Banks use appraisals to determine whether they should give mortgage loans to buyers based on an asking price, or to decide that the price is too high and turn the buyer down. You can simply hire an appraiser to do an evaluation for you independently.
