Tip #3 Do your homework before setting price.
Deciding what price your property should be listed at should take careful consideration. Once you have set your price, you have told prospective purchasers the absolute maximum they may have to pay for your property. The objective for the sales representative is to get a selling price as close to the offering price as possible. If you begin by pricing too high, you might not be taken seriously by prospective purchasers and their agents. Starting too low, can result in selling for much less than market value. Setting your home's sale price can be reasonably easy. If you live in a subdivision consisting of homes with similar or identical floor plans, built around the same time, all you should have to do is average out the asking prices for the recent resales in the neighbourhood and that should give you a good starting point. This could pose a problem for people who live in older neighbourhoods that have changed quite a bit over the years. Every home in your neighbourhood may be different in insignificant or substantial ways - the house next door may have added an office, for example, or the one across the street might have been built recently to occupy a vacant lot. As a neighborhood evolves over the years, you may find that there are less and less homes that are truly comparable to your own. If you choose to sell your home on your own, the most common way to set a value is to look at homes that have sold in your neighbourhood within the past 3 to 6 months, as well as those presently listed for sale. That's unquestionably how prospective buyers will assess the worth of your home. It is common to learn what homes have sold for in your neighbourhood by making a quick trip to City Hall; home sale information is public record in most communities (but not all). If you would rather not risk a possible negative conclusion, you may decide to hire a Sales Consultant. Your Sales Consultant will do all the market research and provide you with comparisons showing where your home should be priced to best meet your goals - a fast sell, maximum profit, etc. Keep in mind a great Sales Consultant is attuned to certain market conditions that may not be evident from comparable sales and listings.
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