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Why You Should Know Home Selling Prices - And How to Find Out What They Are

Mar 31, 2008
Fact: The single most important factor in selling your home quickly is the selling price that you set.

Fact: Houses that are priced at more than 10% to either side of the average recent home selling price in their area will sell more slowly or not at all.

Fact: Setting the right price for your home for sale requires more than just knowing your tax evaluation.

Those are all undisputable facts about home selling prices that any Realtor or real estate agent will happily confirm. Choosing a home selling price is more than a matter of wishful thinking, or deciding how much you want to make.

There's an old Realtor's saying: Never buy the nicest house in the neighborhood. You'll never get the money that it's worth when you sell. No matter how much more than other homes in the area your house is worth, you're unlikely to find a buyer willing to pay more than about 10-15% more than the average home selling price of other homes in your neighborhood.

If you price your home too high for the location, whether it's because the house is worth it, or because you have a mistaken idea of its value, it will likely linger on the market. And the longer it's on the market, the less likely it is to sell for its original asking price. Both Realtors and buyers will start assuming that 'something must be wrong' with it.

You can avoid the whole situation by setting the right home selling price in the first place. There are a number of ways to settle on the selling price that's right for your home.

Consult a Realtor

Since selling homes is their business, Realtors are more likely than anyone else to know the best selling price for a home in your neighborhood. Realtors will use their knowledge of local home selling prices to make a recommendation for the best price range for your home. You're not bound to accept it, but it's what you're paying her for, after all.

Check Recent Home Selling Prices Yourself

Keep an eye on classifieds and home for sale listings, and note which ones sell and for how much. Follow up with research at the county
Registrar of deeds office, or online at your county's web site. You can also get a free valuation suggested home selling prices for your property at web sites that offer free online appraisals.

Get Your Home Professionally Appraised

It will cost you between $200 and $300 depending on where you live, but it is the most accurate way to determine the value of your house. That will help you determine a good price by allowing you to compare it with home selling prices in your area and make adjustments.

Whatever method you choose to find the value of your home, remember that the key is adjusting the value to set a home selling price in line with your neighborhood.
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