Pricing your home right for the market is very important as it will impact time on market and level of interest in the property. Here are a few things to consider.
- Research what similar homes in your neighborhood have sold for recently (comparative market analysis or CMA). This will give you an idea of a fair listing price.
- Marketable Price vs. Your Desired Price: There is often a gap between what sellers want and what buyers are willing to pay. You will need to set a realistic asking price to attract buyers. We provide a free professional comparative market analysis (CMA) for you to help put your mind at ease. The selected list price will be strategic to take advantage of current market cycle and local inventory and demand.
Preparing you to sell? You may want to consider the following
Home Repairs and Improvements
- Necessary Repairs: Fix any glaring issues, like plumbing, roofing, or structural problems. Buyers will likely ask for repairs or negotiate the price down if issues are found during inspection.
- Cosmetic Upgrades: Consider affordable upgrades like a fresh coat of paint, updated fixtures, or landscaping to increase curb appeal.
- Home Staging: Professional home staging can make your home look more appealing and may result in a faster sale or higher price.
Financial Considerations
- Mortgage Balance: Know how much you still owe on your home. After paying off your mortgage and closing costs, calculate what your net proceeds will be.
- Closing Costs: These typically include agent commissions, taxes, legal fees, and sometimes repairs requested by buyers. Plan for 5-10% of your home’s selling price for these costs.
- Capital Gains Tax: If your home has significantly appreciated in value, consider how capital gains tax might impact your profits. There are exclusions if you’ve lived in the home for at least two out of the last five years.
Having a property that is aesthetically pleasing and understanding the finances will make you more confident about the entire journey of selling.
Contact us and we will be happy to answer any questions you have.