How to Avoid Overpricing Your Home

by Linda A. Cappello. Broker, GRI, ABR 10/14/2018

For home sellers, maximizing the value of your residence is key. However, it is important to remember the dangers associated with overvaluing your house.

If you overprice your residence, homebuyers may choose to look elsewhere for their dream house. As such, it may take you many weeks, months or years to sell your residence if you fail to price it correctly from the get-go.

So what does it take to avoid the risk of overpricing your home? Here are three tips to help home sellers set a fair price for any residence, in any real estate market, at any time.

1. Review the Housing Market in Your Area.

Spend some time assessing the local housing market – you'll be glad you did. This will enable you to better understand how your home compares to other residences in your city or town so you can price your house accordingly.

Check out the listing prices of homes that currently are available as well as the sold prices of residences that recently were purchased. By doing so, you'll be able to collect a broad assortment of housing market data and use this information to determine the right price for your house.

2. Get Your Home Appraised.

A home appraiser will conduct an in-depth examination of your residence, help you identify problem areas and determine your house's value. That way, you'll be able to enter the real estate market with realistic expectations and set a fair asking price based on your home appraisal.

Furthermore, a home appraisal offers valuable insights into ways that you can improve your home. The assessment will allow you to learn about the pros and cons of your home, and ultimately, determine the best ways to transform your house's weaknesses into strengths.

Don't forget to evaluate your home's interior and exterior as well. Completing home improvement tasks will improve your residence inside and out. Plus, performing home maintenance may allow you to set a higher asking price than you initially expected.

3. Hire an Experienced Real Estate Agent.

Let's face it – navigating the real estate market can be a long, arduous process. Thankfully, real estate agents are available that possess extensive industry experience and know-how, ensuring you can set the right price for your house without delay.

Perhaps best of all, a real estate agent understands the ins and outs of both buyer's and seller's markets. As such, he or she can offer recommendations about how to price your home, enhance your house's interior and exterior and much more.

With the right real estate agent at your disposal, you should have no trouble setting a fair price for your home. In addition, this professional will do whatever it takes to promote your house to the right homebuyers consistently, bolstering your chances of optimizing the value of your residence.

Don't leave anything to chance when you sell your home. Instead, employ a real estate agent, and you can speed up the process of selling your residence.

About the Author
Author

Linda A. Cappello. Broker, GRI, ABR

 

Linda A. Cappello, Owner/Broker of Cappello Realty Shoreline Properties. Cappello Realty is a full service boutique Real Estate firm that specializes in Norwalk, and services all of Fairfield County, CT. Linda has been in the Real Estate business for 18+ years, spending 15 of them as a Broker-Owner. Being a Broker adds a lot responsibility to her job. She is responsible for overseeing every transaction and agent in the office. This is a challenge that she looks forward to and takes very seriously. She is constantly taking continuing education classes and attending seminars to keep abreast of the ever changing market as well as the industry standards, rules and regulations.

She is a native to Norwalk, and has an in-depth knowledge of the city that she loves, as well as the intricacies of the many unique neighborhoods and areas that Norwalk offers. Linda offers her clients a network of professionals ranging from Attorneys, Mortgage Brokers & Home Inspectors to any and all pros that you may need for a successful transaction and for the convenience of her clients.

"My job doesn't end at the closing table. It goes far beyond that, keeping in touch and staying friends who refer their family and friends. A lot of my business is referral business which is the greatest accomplishment and honor of all. Earning my clients trust."