What makes one home sale go quickly while other homes linger on the market for months? The answer is usually price. Determining a home’s worth is a tough question these days. For many, it is difficult to reconcile what their home is worth today versus what it was valued at just two years ago. However, deciding on the right price from the beginning is one of the most crucial ingredients for an expedient home sale.
Popular wisdom says that the first 21 days of a listing are the most important, and interest begins to fall off after that time period. This is why it is important for homeowners to do their homework and enlist the help of a qualified real estate agent. Pricing a home well from the start is better than having to reduce the price later. Not to mention, there is cost and frustration incurred when a home remains on the market month after month.
Begin by looking at comparable sales in the neighborhood, keeping in mind physical barriers that may affect price. For instance, proximity to busy streets or freeways, school district lines and local amenities can all impact the price of houses in the same neighborhood or even on the same street. Pay attention to how long houses in the neighborhood stayed on the market. Determine why some houses sold faster than others. Was it location? Was it the condition of the home? Most likely it was the price.