There’s no magic formula when it comes to pricing a home for listing in the real estate market. A strong realtor will help you determine the price by utilizing their expertise and knowledge of the local market. Typically, these are the four criteria a real estate agent uses when appraising a home for listing.
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Property Condition
How well kept is the home? If your home is in good condition with recent repairs, updated appliances and well-maintained curb appeal, chances are your asking price will be set higher than a person in your neighborhood whose home has not been looked after. This is why it is crucial to do any home maintenance and renovations before you list!
Market Condition
The market fluctuates like a current in a river. Currently, the market is doing very well in Tennessee – particularly in and around Nashville. But there are other times when, due to the economy, the market is in flux. When the market is struggling, house prices fall and your home may be listed for a lower number – as opposed to when the market is hot and housing is in demand.
Property Location
Is your neighborhood in high demand? A real estate agent will look at what other homes have sold for within a mile of your house. They will cross-compare your home with those houses for comps. If it’s difficult to determine if your neighborhood is in high demand due to low sales, they will most likely compare your home to another similar house in neighborhoods throughout your area.
Asking Price
The listing number is a starting point, and your real estate agent will most likely be driven by your motivation to sell. He or she will consider if you can afford to wait it out and let the house sit on the market for a few months or if you need to sell asap. If you can wait, chances are they will suggest the higher end of the price suggestion. If you are motivated to sell, they may advise a price somewhere in between, while leaving room for negotiation.
A house is always worth what the buyer is willing to pay. An expert agent will help you determine the starting point cost, and get your home ready to meet that price.
If you’re in the market to buy or sell a Nashville home, our award-winning real estate agents can help. Give us a call at DeSelms Real Estate 615.550.5565.