Just checking out the most recent inventory report for Greater Richmond area and home sales prices have gone up! Prices went up 3.03% in February 2019 to $282,197 versus the previous year at $273,890. And the report tells us that those sold homes spent an average of about 45 days on the market. We have had low inventory for a while now, so these stats shouldn’t surprise us.
If you are thinking of selling your home, there are many factors to consider to get the best price possible, so today we will cover a few points about how to choose your listing price.
Step 1: As your Realtor, I can run a market analysis report for your home and we can take a look at what other homes similar to yours have sold for recently and if there are any homes active on the market now. This will give us an indication of what the market value is.
Step 2: As the Seller, you should take a walk or a drive and really take a look at the other homes in your community. If there is an open house, take a peak inside. As you approach your own home, look at it through the eyes of a buyer. How does it truly compare to the others? What would you pay for your own house in comparison to the others in your neighborhood?
Step 3: Now you have an idea, maybe you have a range you are considering. So you have to ask yourself this. Do you want to price your house to sell and stick with the price you have knowing it’s price fairly? Or are you more comfortable starting with the higher range and dropping the price if it doesn’t sell right away?
Another factor to consider is time. How much time do you have before you need to move out? How much time do you WANT to wait? How much money would you lose staying longer? If time is a consideration, that will impact your listing price.
Step 4: Weigh these factors, take an honest look at your home, think about the other homes and what they sold for. We’ll talk it over, but you will have a good idea of a realistic price if you’ve done your research.
Price it to sell or leave a little wiggle room, but make the decision and let’s get it on the market! Spring is coming!