24 Mar How to Know if Your Home is Priced Right
For a number of reasons, you’ve decided to sell your home. This is a big, life-changing decision, and we at Acadeo understand that there’s a need to sell the property quickly, especially for emergency reasons.
Here’s a question that needs to be considered, however: is your home priced according to your needs?
Let’s talk about it.
PRICING BY LOCATION
Let’s face it – some real estate areas have more perceived market value compared to others.
Generally speaking, properties that are located at the center of the city will always fetch a higher price per square foot compared to those located further out to the city edges. However, there’s room to wiggle with these prices.
For example, if you’re selling a home that is located at the center of a business district, you could sell your property at competitive prices, because the location of your home is ideal for business. Similarly, selling a home located in a very secure neighborhood can fetch fair prices because of the reputation of the area.
On the other hand, even houses with simple house designs may end up priced much lower as a residential property if it’s in a very busy area, like being close to the highway or to many businesses. This is because very busy streets pose a safety risk for small children, the disabled, and the elderly.
PRICING BY HISTORICAL VALUE
Now, some people prefer homes that have some history to them. This applies to homes that have a lot of heritage, such as pre-colonial or pre-war homes, which have a certain appeal to some homeowners.
Just like antiques, old houses with heritage or historical value are only valuable to those who are interested in them, so if you plan on selling your ancestral home but don’t want to price it low, highlight the features that make your home distinct from other, newer homes.
Examples of these highlights are the original support beams, the capiz shell window panes, polished wood floors, and other historical furnishings.
PRICING TO SELL
Selling one’s home is often the last resort for many who find themselves in serious need of finances. When it comes to pricing your home to sell quickly, it can be enticing to price it drastically low.
Here’s our advice: don’t do it.
Homes that are priced so low actually give a negative impression to your prospective buyers. After all, a home is supposed to be a precious part of our lives – why would someone sell their home for way below its value? Are there hidden damages? Did someone die in the house? Is it in danger of being foreclosed?
Price your home fairly – not too low, but not too high either. Selling your home for 10% less than the current market price is a fair discount, but a 25% discount will surely have your prospective buyers wondering what you’re hiding and that you’re selling your home at a financial loss.
And there you have it – our 3 tips for discerning if you’re pricing your home fairly for both yourself and your potential buyer. Have any tips like these that you want to share? Comment below and let us know!