A Quick Sale Depends on Your Price
By Maurcia DeLean Houck
Photo: © Tomek Rzymkiewicz - Fotolia
 The housing market is competitive. Selling your house quickly may depend on what you're asking for it. But how do you know what your selling price should really be? That depends on a lot of factors. Finding the right listing price for your home takes more than just saying "I want this amount."
The first thing your realtor will do to determine the best asking price for your house is to look at what similar houses in your neighborhood have recently sold for. These comparisons are a great starting point for determining your listing price, but don't forget, these are only the beginning. When setting the price of your home you'll also need to consider:
Paying Off Your Mortgage - Believe it or not, a lot of people don't really consider how much money they need to pay off their current mortgage (and home equity loans and lines of credit), before setting their selling price. |
Determine Your Homes True Value - Local comparatives tell you what other houses in your neighborhood have been selling for, but that doesn't really tell you what they are worth. The best way to determine your house's fair market value is to get an appraisal through your realtor.
Estimate Your Selling Costs - If you haven't sold a house before, you may be surprised by the litany of costs associated with the sale. It isn't just a matter of paying off your current mortgage debt. Additional selling costs may include such items as: real estate commissions; advertising, attorney or closing fees; inspections; prorated costs for insurances, taxes, fuel tank rentals, etc.; excise taxes for sale; additional professional costs and closing costs determined by your local and state government.
Your real estate agent will be able to give you a complete list of seller's fees that you'll be responsible for paying at the sales closing. Once you know what your true expenses will be in relation to selling your house, take this information, your local sales comparatives and your final appraisal to determine the best sale price for your home. |
