If you decided to sell your Lake Tahoe home, then chances are you have thought a lot about the selling price. If you are new to doing real estate transactions, there are a few key things to follow when pricing your home that can aid in getting it sold quickly.
Price it right
Most seller’s think their home is great and typically pick a selling price that is based more on how much money they want to make, and not so much on actual market factors. Pricing your home right from the start will determine how long the house sits on the market. A majority of Realtors will tell you that the first two weeks of exposure are the most important. When you come in at a good price, the chances of getting a lot of buyers touring your home is high. If the home sits on the market for too long because it is priced too high, it creates the perception that something is wrong with the home. It also sometimes causes buyers to think you are desperate to get an offer resulting in low ball numbers.
Comparable SALES are key
Want to know how much you should list your home for sale? Look at the “comps”. While you can look at other active listings within the neighborhood that are similar to your home, the best way to figure out asking price is looking at the solds. This will tell you what people are willing to pay for a home like yours. The number of beds, baths, square footage, lot and upgrades are a few good things to look at when comparing your home to your neighbors. A qualified Realtor will be able to provide you comparable activities straight from the MLS and help you pick a good asking price.
Keep it fair while comparing
If your home is a darling 1970’s Lake Tahoe ski chalet with original appliances and shag carpeting, chances are it is not going to be the same price as the brand new construction across the street. Even if you have the same square footage and amount of bed and bath, it isn’t realistic to think that you will get the same amount. This is where paying attention to the comparable Lake Tahoe properties your agent gives you is very important. They are only going to pull homes that are truly similar to yours.
Do a little background check
To get an all inclusive idea of the real estate market on your block, check the listing history. Look at the amount of time a home was on the market, the original listing price to the final sold price. This will be another area where your Lake Tahoe Realtor is going to be of service with a wealth of information.
Consider those home improvements
Consider whether or not those recent upgrades you made warrant a higher listing price. A big high end remodel can definitely be reflected in the home price, just don’t expect to get your full return on investment back. While upgrades can help the price, they don’t always get back as much money as you put in. Every situation is unique, so be sure to chat with your Realtor about this.
Consider supply and demand
Are you selling your home in a buyers marker or a sellers market? If it s a buyers market, your home will have a lot more competition and may want to ask a bit less in order to attract the right buyer. In a seller’s market there is a smaller inventory with a big buyer demand so you can ask a bit more.
As every home and neighborhood is different, like every seller’s situation, you will want to make sure you discuss with your Realtor what the most attractive selling price is for your home. If you are looking to sell and would like more information, give us a call at 530-543-6676.