If your home is on the market and does not sell quickly, the first thing you should do is reevaluate the price it’s listed at. Many homeowners list their homes for the price they want rather than aligning their prices with the current market. Pricing a home can be tricky but that is why your Waltham Real Estate Agents are here to assist you! Pricing a home can vary based on the season, the market, the demand, and more. Here are 5 common myths about pricing when selling your home.
Myth #1: Price the Home Based on How Much You Want to Get
Buyers won’t really care how much you want for the home. They are going to offer what they think the home is worth as well as what they are willing to pay for it. Waltham Realtors state that the list price for a home needs to be based on the current market value of the home even if that is a different price than you originally wished for.
Myth #2: A Home’s Assessed Value is the Same as the Market Value
The assessed value of your home is different than its market value. The assessed value is based on your property taxes which is not required to reflect what the market value is. To find how much your home is worth it is recommended to meet with a Waltham Real Estate Agent. Waltham Realtors will conduct a comparative market analysis to see what the actual value of your home is.
Myth #3: Include the Cost of Renovations or Home Updates into the Home Price
Although home renovations or updates can add value to your home it is important to remember that you won’t always get a 100% return on your investments. Waltham Realtors state that inside renovations such as a kitchen or bath can you a larger return windows or siding. Homeowners usually see a 55% - 90% return on their investment based on what renovations and updates were done.
Myth #4: Base the Home Price on What Similar Homes Are Listed For
Rather than listing your home based on listings of similar homes, base it on what similar homes have actually sold for. Many people list their homes at a higher price than its value which is why you need to look at what the homes sold for instead. This will give you a better idea of the price your home should be listed at.
Myth #5: Keep the Home on the Market Until You Get the Price You Want
With this case scenario, it’s actually the opposite. The longer your home is on the market, the lower the sale price will be. Waltham Realtors say that pricing your home right at the beginning is extremely important as homes sell for the most money when they are sold within a month of being listed. It has also been found that homes sold within a month of them being on the market will sometimes sell for higher than the listing price.
Contact a Waltham Realtor
If you are looking for assistance in selling and pricing your home contact a Waltham Real Estate Agent! Waltham Realtors can assist you with everything you’ll need to do to sell your home. Contact Hans Brings today!