The housing market has rebounded in some areas of the country, while others continue to struggle. The key to selling any home quickly is to price it to sell. In the end, your home is worth what a buyer is willing to pay for it. If you price your home correctly when you list it, interest buyers will be eager to see your house. If you are planning to sell your home in Nashville soon, there are steps you should follow in determining how to price your home for a quick sale.
Avoid Your Personal Bias
This is one of the biggest mistakes Nashville homeowners make. They look around the home and think about all the work they’ve done, compare it to their neighbor’s homes, and think they know what the house is worth. A buyer, however, doesn’t look at your home that way. In order to be able to set your price where your home will sell, you need to remove your own sentiments and thoughts from the equation and look at your house as an object.
Use a Comparative Market Analysis
A comparative market analysis (CMA) is a report that shows the recent sales price of homes that are comparable to yours. This will give you a good idea what you can expect buyers to be willing to pay. You should talk to your real estate agent about getting a CMA. They can explain current market conditions and show you possible price points to list at.
Do Your Own Market Research
While you should hire a realtor to handle your sale, it’s a good idea for you to do some research of your own. Search realtor’s websites and visit some Nashville open houses to see other homes in your area that are on the market. Be honest with yourself when comparing your homes to theirs by looking at it from a buyer’s perspective. You want to figure out what makes your home stand out from others on the market.
Consider Market Conditions
No matter what you paid for the house, or how much you need to get in the sale, market conditions will play a big role in determining how much your home could sell for. If homes are selling fairly quickly, you’ll probably be able to set your price higher than if homes are remaining the market for an extended time or if there is a glut of foreclosures and short sales still dragging prices down.
Sweeten the Transaction
Even if your home is priced right, you still may want to consider adding some buyer incentives to make your home more attractive. You could offer to help pay closing costs, an allowance for upgrades or even seller financing, if you are able to do so. Anything you can afford to do to make the transaction more enticing can help bring about a quicker sale.
Selling Your Home in Nashville, TN
Setting the selling price for your home is not an exact science, but doing some research and planning ahead of time can make it easier to find a price that is attractive to buyers. It can also save you the frustration of watching your home sit for an extended time or having to go through a series of price cuts. A quick, easy sale of your Nashville home will be much less stressful if the home is priced to sell the day you list.