How to Price
Your Home

The initial asking price you set for your house is arguably the most important element of your home-selling process. Many say it’s “part art and part science.” What should remain out of the equation is your emotions, memories and even your purchase price, to an extent. So how do you arrive at a competitive price on your property?

Look at what comparable homes have sold for recently in your area. You can look at current asking prices, too, but keep in mind, those properties (your competition, essentially) could be overpriced.

Scope out the competition by going to open houses and objectively compare those properties to the one you have for sale. Think like a buyer, not someone who is selling a memory-filled home.

Do not overprice in the hopes buyers will negotiate you down to market level. Buyers will bypass, or not even see, homes that don’t fit into their price ranges or that appear to have inflated asking prices.

But allow room for some negotiation. The asking price should enable you and the buyer to counteroffer and still be a win-win situation in the end.

Consider having your house inspected. A licensed inspector can assess the condition of your house's highest ticket items, including plumbing, heating, cooling, electrical and roof. If a problem does arise, you can opt to make the repair or offer a discount to the buyer or reduce the asking price. If everything comes out smelling like roses, you can use this to help sell your home and reassure potential buyers.

If you’re still unsure, look at the price per square foot of homes in your neighborhood. This can at least give you a rough estimate to begin with. Then take into consideration your home’s age, condition and amenities, among other variables, to further hone the price.

Once your house is on the market, don’t hesitate to make price adjustments, within reason, based on what you hear from potential buyers, agents and other third parties.

Add incentives for the buyer. Look at closing escrow quickly, offering financing or paying for the buyer’s closing costs.

We can also help you determine a competitive asking price by creating a custom home value report. Just fill out the form on our site, and we’ll be in touch with you shortly.