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How to Price Your Home Correctly When Selling

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By : Roby Hicks    99 or more times read
While pricing your home before you sell it is one thing, pricing it accurately is quite another thing. Here are some helpful tips to achieve success:

  1. Use a software spreadsheet

    It has been said that organization is the key to quick thinking. When comparing the market values of different houses in your neighborhood, spreadsheets provide an effective way to do the comparisons easily. You will simply have to plug in the figures and then evaluate the data.

  2. Narrow your search to houses within a one mile radius

    When comparing market values of other houses up for sale in your area, you should only search among houses within a mile radius of your home. The reason is that houses outside that radius could have market values that vary significantly with houses within the radius. It is better to estimate your home's market value as accurately as possible.

  3. Research houses sold within the past half year in your area

    The housing market can change like the weather, which makes it crucial to review sales prices within the past six months. The good news is that today you can access various websites that make the process a piece of cake. You simply have to input the area where you live, and then—voila! The site will provide you with a list of homes sold there within a certain timeframe.

  4. Compare similar properties

    Yes, it is quite likely that residences within a mile radius of your home will have similar market values as yours. But their values could be marginally or significantly different. Which factors impact the market value of homes within the same general location? There are several factors, such as the house's age, the number of floors, home improvements (such as entry doors or vinyl siding), and so on.

  5. Hire a real estate agent

    The drawback of this option is that it will cost you some money. That said, it is an outstanding choice if there do not seem to be enough hours in the day. The real estate agent has likely priced tons of houses, so the job will get done quickly and efficiently. Also, it is likely that he or she will be familiar with your area's housing market.

  6. Break out your calculator

    To determine the approximate market value of your home, you will need to do some basic calculations. The first step is to determine how many square feet are in a particular house that is up for sale in your neighborhood. Divide that into the price of the house, to determine the price per square foot. What is next? While building codes in certain regions can be strict, it is highly unlikely that every home in your neighborhood will be 100% similar. So you will need to do some adjustments based on the differences between your home and another home for sale in your area. Some issues to consider are:

    • attic
    • basement
    • bathrooms (full or half)
    • bedrooms
    • deck
    • garage
    • home improvements
    • patio

All of these factors will help you to calculate a more precise market value for your home.

If you want to sell your home sooner rather than later, then consider the above tips to price your property properly.
Check out the Dallas Homes for Sale. Visit the Dallas Houses for Sale and the Dallas TX Real Estate as well.

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