Many times when I meet with future clients who are interested in selling their homes, they ask me how long it will take to happen. The truth to answering this question is dependent on several factors. The biggest one is price. Another factor is the current housing market. I’ll let you in on a few secrets for how to determine the selling price of your home in Locust Grove based on all these factors.
Understanding the current housing market
Pricing a home accurately is the number one way to get it sold. A home priced at market value should sell within the average days on the market that we are currently experiencing. When clients price a home higher than the market value, it will take longer to sell. Pricing it lower than market value would help the home sell faster.
But, what does faster mean?
Current market conditions define what “selling my home fast” means. For example, in our current housing market, a home in Locust Grove is spending an average of about one hundred thirty seven days on the market. This means that sellers should expect their homes to be for sale for that time period. If a home sold within a couple weeks that would be considered fast in today’s market.
However, think back to this time last year. Homes were selling within days of entering the market. A home that spends two weeks on the market would not be considered to have sold quickly.
Knowing the facts about average days on the market for homes in Locust Grove, or wherever you live, can help you set realistic expectations about the speed at which your home goes under contract.
How do you price a home based on the housing market?
Everyone’s situation is different. Understanding the situation is one way that I can suggest a price for your home that is in line with your needs. For example, if you need to get as much money out of the home as possible, you may wish to price it at the higher end of the market value with the understanding that it may take longer to sell. If you need to move quickly, then pricing it just under market value might be the best option for you.
Comparables are key
When I meet with a new client, I have already done some homework to determine the market value of the property. Realtors® use comparables to help determine pricing. Comparables are a list of homes that are similar (a.k.a. comparable) to your house in square footage, location, and features. See what these homes listed and sold help to narrow in on a price for your home in Locust Grove.
You can get a general idea of what your home in Locust Grove is worth here. For a more specific pricing I would also take the following factors below into consideration.
Pricing According to Condition
The condition of your home can affect the pricing. Homes that are move in ready are more valuable to buyers than ones that need work. Most buyers appreciate homes that they can easily transition into and, as a result, are willing to pay a little more for these homes.
Pricing According to Upgrades
Home improvements can add value to your home in Locust Grove. Finishing a basement to add more square footage, adding an additional bedroom or bathroom, or upgrading a kitchen can add value to your home. Other upgrades like switching a bedroom to an office may not. Before you make any changes, ask your Realtor® if the cost of the upgrades will add value to the list price of your home in Locust Grove.
Price to Match Real Estate Searches
Buyers often search for homes online according to their price points. Try to avoid a unique pricing like $353,000 because it will take your home out of a search for people searching at $350,000 and below.
Using all of these factors helps me to determine an accurate list price for your home in Locust Grove. As you can tell, there are a lot of different factors that contribute to identifying a list price to sell your home. Since each home is different, each home will have a different price. If you are ready to find out how much your home in Locust Grove is worth, feel free to contact me. I will be happy to help!
