How To Set Your Asking Price When Selling a Home in Long Island

A fair cash offer is something you would want to receive from potential buyers when selling your home in Long Island. You will want to get the most money so pricing your home right is extremely important. Pricing your home too high will scare off potential buyers. Pricing it too low will lose you thousands of dollars.

This article will teach you how to set your asking price properly. Here are proven strategies and methods that will help you.

Know Your Market

Know Your Market to Set Your Asking Price

Do some research before you decide what to do with your property. Review what comparable homes are selling for in your area. Check lot size, age, square footage, number of bedrooms and bathrooms, and geographical location of the homes similar and near yours. If you decide to list, look up actively listed homes on the MLS like Zillow. The sale prices of homes similar to yours will affect how much you can set your price. Take some time to check the season trends and the best time of the year to sell. It would be best if you sold when prices are high.

Take note of how long the properties were listed. There are various reasons why listed homes stay on the market for a while; one is because it’s priced too high. Think about supply and demand; if there are many homes on the market, buyers will be at an advantage.

If you’re unsure how to look for comps, you can work with realtors who can provide you with a more detailed CMV (Comparative Market Analysis.) Many realtors will offer this free of charge as a marketing technique. They don’t necessarily need to see the insides of your home to give you a CMA. Hence, requesting a CMA should not put you under any obligation to sell through the realtor. Though if you’re lucky, they might have a buyer ready for you.

Be Realistic and Reasonable

You might have a price in your head when you decide to sell, but make sure it is realistic. Sellers tend to have high expectations about their home’s appeal after they do some cleaning and repairs. They ask for top dollar, even if the agent they worked with doesn’t think it’s reasonable.

Buyers want to get a good deal and find a value just as much as you want to get a reasonable price for your house. You don’t want to set your price too high and have to drop the price multiple times in the end or too low and lose thousands on the sale price. Instead, you should ask the “just right” price.

If your home is not selling or attracting offers, you should consider dropping the price. This will attract potential buyers. These price drops will show on the MLS, and repetitive price changes won’t look good for you since it might indicate something is wrong with the house. A good rule of thumb is to allow for only one price drop if absolutely necessary.

To make sure your asking price is based on reality, consider hiring a professional appraiser to help determine a fair market value for your home. Spend a few hundred dollars to give you a better understanding of how much your home is worth.

Ask Opinions and Crowdsource Your Price

Once you have a specific price in mind, consider running it with your trusted friends, neighbours, and family to see if you’re in the right ballpark. Ask for their opinion and see what they would pay for a home like yours.

Multiple opinions from different people will help you find a middle ground and can also help you see any additional selling points you may have overlooked. Once you have finalized the price, you can start preparing to sell your home.

There Can Be More To It Than Just The Final Sale Price

Maybe you can offer a lower price for the home. However, the buyer has to pay the closing costs. Or perhaps you can get your asking price, so long as the furniture comes with the house.

You have some bargaining power when finding the sweet sale price for your home. With some clever strategy, you will find a price that works for all parties.

If you have any questions about buying or selling property in the Long Island area, fill out this form, and we will be in touch right away! Or call our office directly now! 516-226-9690

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