Secrets to Pricing Your Home - What Is the Most I Can Get for My House?

Secrets to Pricing Your Home - What Is the Most I Can Get for My House?

  • Lisa Marie Contaldi
  • 03/12/21

Earlier, We Explored a Common Question: Is 2021 the right time to sell? With a constrained housing supply, historically low rates @3% or less; and housing prices boasting new highs in and around the Austin area, we can assume there’s never been a better time to sell. We also explored briefly, your reasons for moving and assume you have worked out an organized plan of action within your budget to properly prepare for resale. This leads us to the next logical question which we’ll address in today’s episode

  1. How much can I get for my house in today's market?
  2. I would like to begin this discussion with the classic textbook definition of Real Estate sales price - it Is one that I value greatly and will serve you well. The sales price is “the price a buyer will pay and a seller will sell”. I’ll elaborate more on that.

Let’s talk about the most widely used approach to pricing homes used

By the county tax assessor and firms like Zillow or Redfin & open door and other companies shooting your offers online and by mail.

The estimate of a home’s worth is routinely calculated using market data from recent sales of similar homes in size. This is called a comparable sales analysis which uses homes THAT SOLD within the past 3-6 months in your geographic area.

For example:

If 3 or 4 homes sold for an average price of $500,000 At an average size of 2500 sqft
The average price per square foot sold would be $200/sqft. {$500k/2500sqft}.

Then they multiply $200/per foot by the number of square feet in your home to come up with a price that your home would likely sell for.

This is a simplistic approach. It works to get you there but it does not represent the value of your home.

Why? This does not consider what the end-user or the homebuyer thinks.

Let’s return to the classic Textbook definition again. The sales price is “the price a buyer will pay and a seller will sell”. We all know the seller wants the sun moon and stars. When pricing a home you should consider, What does the homebuyer wants?

Have you ever made an emotional purchase? The secret to pricing a home correctly comes from looking at value from a future home buyer’s perspective.

In part two we will get into your future buyer’s head and consider what they will do with regard to your home then use those factors to price it accordingly.

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