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Do You Know How To Determine The Correct Asking Price?

     The initial asking price is what is going to draw really interest to your property. It will lead buyer to your property over your competition. If you are trying to sell your home this is something that you will have to carefully research.

There can be a big difference between the initial asking price and what it finally sells for. What is the spread for the area you are trying to sell the house in? Study the other houses in the market. How are the final sales as compared to the initial listing of the home? There are things that you will need to be realistic about when you are trying to figure out what to list your home for. It is not feasible to try and go up in price and going down can make you look desperate.

Remember that your homes value is determined by the area in which you live. As an example you would not be able to sell your rural farm house for the same price as if the house was in a metropolitan area of another state. Be careful with what you are expecting from the house. But make sure you know what you need when the house is finished being sold.

The number one question you should be asking yourself on this topic is: What is the current worth of my house? Careful here because there is a difference between what you think and the actual facts. Take these items into account when trying to determine the worth of the house.

What are houses in your neighborhood getting in the current market? What is the location which can have a huge impact. Do you live in an excellent school district? Are you near large employment centers? Is there ample shopping and entertaining available close by? Is it somewhere near the ocean or a popular lake. Does your house have more perks then other homes in a similar tax bracket? Will someone actually pay more for them? Do you have one really attractive feature like a bonus room, or possible mother-in-law suite?

When you are looking for the right real estate agent you will want to ask them what their strategy is for selling your house. Do they know the normal time it takes to sell a home in your area? Is the market currently flooded and how does this effect the price?

Get a professional appraiser involved to make sure you get the right idea of your home's worth. Tax records are not the same as a good appraisal.

Who are the home buyers shopping in your area? Why are they buying in your area? Are you in a region of rapid population growth? Are the buyers looking to buy investment property or home ownership? What are the ages this is important to understand the importance of location.

Is strategic pricing to improve the speed of the sale worth the risks involved? How far apart are the asking and selling prices? Do you discount some of this in the beginning? Are you willing to rebate a portion of a Realtor's commission in the price? The market might go up so much you leave money on the table. If it declines, a price reduction is needed. It is a gamble.

And lastly, do you know when to sell the home? Can you stand to wait until the market improves? Watch the trends in your area for the last 3-6 months. Are they going up or down? Or if you happen to live in a seasonal buying location are you selling when people are actually buying? If you find the right balance you can be much more successful in the final sale of the home.

The task of trying to sell your house is a huge undertaking. When there are a lot of things to do it might be tempting to take one of the easier paths. However not understanding the importance of setting the right asking price can greatly affect the speed of your home sale as well as what price the house will finally sell for in the end.

Article Source:

If you would like to learn how to sell your house on your own the best place to start is our blog.  We have all types of information for first time home sellers that can help.  You can have a fast house sale without the extra expense of both time and money.

Posted on 2013-10-03, By: *

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Note: The content of this article solely conveys the opinion of its author.

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