Is Your Residence Underpriced?

by Allan Wulff, MBA. Ph.D. 12/29/2019

As a home seller, you likely want to set a "fair" initial asking price for your residence. Because if you fail to do so, you risk pricing your home outside of your target buyer's price range. Perhaps even worse, you risk pricing your house too low – something that may cause you to miss out on the opportunity to maximize your home sale earnings.

Ultimately, there are lots of things that you can do to ensure you establish a fair initial asking price for your residence, and these include:

1. Study the Local Housing Market

For home sellers, it is important to perform plenty of research before you list your residence. If you assess the local housing market closely, you can obtain insights that you can use to set a fair initial asking price for your home.

Evaluate the prices of available houses in your city or town that are similar to your own. This will help you determine the price range for comparable houses in your area.

Also, find out how long some of the recently sold houses in your city or town were available before buyers purchased them. This can help you differentiate a buyer's market from a seller's market so you can price your house appropriately.

2. Conduct a Home Appraisal

A home appraisal delivers immense value, as it enables you to receive a property valuation. Once you have a property valuation in hand, you may be better equipped than ever before to determine how to price your house.

In addition to a home appraisal, you may want to conduct a house inspection as well. During a house inspection, a property expert will review your home and identify any underlying issues. You then can use a house inspection report to prioritize home repairs and upgrade your residence before you add it to the local real estate market.

3. Work with a Real Estate Agent

As you search for ways to get the best price for your home, you may want to hire a real estate agent. In fact, if you have a real estate agent at your side, you can receive comprehensive support throughout the house selling journey.

A real estate agent will learn about your home and help you determine exactly how to price it. Next, he or she will promote your residence to buyers. And if a buyer submits an offer to purchase your residence, a real estate agent will help you decide whether to accept, reject or counter this proposal.

Furthermore, a real estate agent is a home selling expert who is happy to share his or her housing market insights with you. If you ever have concerns or questions as you navigate the house selling journey, a real estate agent can address them.

Setting the right price for your home sometimes can be difficult. Thanks to the aforementioned tips, you can establish a fair initial asking price for your residence. As a result, you may be able speed up the home selling journey and optimize your house sale earnings.

About the Author
Author

Allan Wulff, MBA. Ph.D.

Hello and thank you for visiting! Selling or buying real estate is very serious business! I provide extraordinary results! Prior to real estate I was President/CEO of a number of area technology companies, Vice-Chairman of the INOVA Hospital Association and have been a long time member of the Association for Corporate Growth. With a broker’s training and experience, you get more than just a realtor agent. My negotiating skills and astute problem solving capabilities, honed by executive experience, have proved extremely effective for my clients in achieving their dreams and real estate goals in this current complex and fast paced market. As a long time Northern Virginia resident my experience will benefit you whether you are buying a home or selling a home or are a returning client checking out the many homeowner resources my associates and I offer. Buying a home? I look forward to helping you select the home of your dreams by taking time to listen to your needs and desires. Selling a home? My real estate expertise and many effective marketing programs will give you the exposure and edge you need to sell your home quickly for top dollar. Testimonials. I appreciate the opportunity to continue to serve you and hope you take advantage of the valuable resources I provide. Come back to visit often! I consider this community an excellent place to reside and would love to share with you my enthusiasm for the many neighborhoods in the area. I pride myself on providing unparalleled service and look forward to developing a long-term relationship with you. Please feel free to contact me if you would like to discuss how I can best assist you with your real estate goals. Sincerely, Allan Wulff