How to Determine the Asking Price for My Home

There’s a saying in real estate: no one knows the current market rate better than someone in the market to buy a home right now. 

Deciding on what price to ask for your home involves considering several factors. The first step is to choose an experienced local Realtor team – ideally after interviewing multiple Realtors. Working with agents takes the guesswork out of most of these factors for you. We provide you information about the current market as well as the other homes both currently listed and recently sold in your neighborhood, and help you understand how that applies to your home’s ideal asking price.

Set Your Goals

It might seem like the goal is always to get the most money possible for your home. That’s a solid goal, and one we’re happy to help you achieve. In some situations, though, a quick sale might take priority. In that case we can help you choose a competitive, yet reasonable asking price that will make your home more attractive to buyers. It’s important to realize that the first people that look at your home’s listing online likely have been in the market for a few months and have seen everything that’s already available. 

No matter what your goals are, one of the first things to do is to objectively consider the current condition of your home. This includes age, structural integrity, and condition of major components such as A/C and roof. It also includes listing recent updates, upgrades, and repairs. Unique features can also raise market value. If you have an amazing view, or a fantastic pool – that’s going to work in your favor.

Consider All the Factors

Part of the equation in figuring out the right asking price for your home will be outside factors. The current economic conditions, including interest rates availability of homes for sale in your area, as well as your location itself, are all things that will need to be considered. 

One of the first things your listing agent will do for you is provide you with a comparative market analysis. This is a report that looks at the current real estate listings as well as recently sold homes in your area. It takes into consideration how similar each one is to your home in size, age, and features. It also tells you how much inventory is currently available. The more available homes in an area, the more competitive the market is for a seller – which is a direct influence on asking prices.Ready to get your comparative market analysis and choose an asking price to get your home listed? Or are you just starting the process and need more information? The Kern Team is here to help. Schedule time to meet with us.