Pricing is one of the most difficult steps in selling a home. But if you have the right questions to ask yourself and your agent, and you try your best to come up with the most honest answers to your own questions, you’ll be more confident settling with a particular price. Here are some questions you could ask.
1. Should I make improvements before selling?
For this question, you will need a quick evaluation of the house and usually, sellers tap agents for this purpose. An agent will perform an inspection of your house and then give you suggestions on what needs enhancement. Some minor improvements would be related to painting and minor repairs.
Your agent may go as far as suggesting that you make an investment in a major addition. For example, he can suggest putting a deck whose cost can be fully retrieved through the sale. Suggestions like this one are often done by agents just so the house on sale can compete with other houses in the neighborhood. If other houses in your area have decks, your buyer will most likely be happy that yours has a deck, too.
2. Is the current market a seller’s market or a buyer’s market?
This is a very important question to ponder on since this will give you an idea that the house and everything that’s in it are not all there is to consider when pricing. You’ve got to look around and see how other houses are faring.
If you see a number houses on sale sitting for quite a long time now, it tells you that it is not the best time to sell. If you force it, compete with others, and get the first buyer who makes an offer, chances are you will get the lowest possible return for your property. On the other hand, if you see more buyers than available houses on sale, going up a little bit on the price is fine. Play with prices from the upper end of your price range if this is the case. You’ll end up a big winner. Your agent should be willing to provide you with all pertinent information regarding selling performance of houses within your area.
3. How many houses have you sold these past few years?
This is a good question to ask your agent because their answer will give you a clear idea whether they have enough experience to guarantee a good deal for your house. Don’t set your expectations too high, especially if your agent is selling a house for the first time in their career. Check their website and the listings they have there. If what you found are dismal performance figures, wouldn’t it be wise for you to seek out help from another agent instead?
4. How long will it take to sell?
No one knows the answer to this question – not even your agent. All that they can say in response is, “We will know. Rest assured that I will be putting this house in the market with fair pricing and hopefully, we can sell it within your preferred time frame.”
In the real estate industry, nothing is guaranteed. Even price figures are impermanent. Your own pricing can go up and down while you wait for the right buyer to come and make the purchase.