Looking for pricing advice? Check out this handy checklist! Follow the steps outlined below to come up with a fair and well-researched price for your home.
1. Don’t Only Rely on Zillow’s Zestimate Tool
Their estimates are a good starting point, but have a “median error rate” of about 6.9% for active listings.
2. Also Use the Redfin Pricing Tool
It’s considered the best home value estimator available as of this writing.
3. Compare to Nearby Home Values
Use Realtor.com to compare your estimated price to similar homes in your area that are currently for sale.
4. Be Objective
Objectively note whether you are over-valuing any features of your home. Adjust your pricing accordingly. Remember studies show the final sales price you have in mind is likely 8% higher than what it is likely to be.
5. Use a Strategic Price Range
Consider lowering your price slightly below common search ranges. For example, $399,000 will catch buyers who set their search criteria to a max home price of $400,000. You will miss those same buyers if your home is priced at $405,000.
6. Be Patient
If you aren’t in a rush to sell, remember longer days on market is fine and may lead to a higher sales price.
7. Get an Appraisal to Check Your Numbers
At this stage, you should be all set. But, if you need added confidence, you can have an appraisal done.