Use This Easy Checklist to Price Your Home

By Home Bay

Posted on October 22nd, 2014

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.

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Pricing Checklist:

  1. Don't only rely on the Zillow's Zestimate tool. (Their estimates are a good starting point, but have a "median error rate" of about 8%, according to Zillow's CEO.)
  2. Do use the Redfin pricing tool, which is the considered best home value estimator available (as of this writing).
  3. Use to compare your estimated price to similar homes in your area that are currently for sale.
  4. 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. 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. 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. At this stage, you should be all set. But, if you need added confidence, you can have an appraisal done.

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