Pricing Your Home for Sale

By: Lance Mohr

One of the more challenging tasks that needs to be undertaken before you put your home onto the Tampa Bay real estate market is the pricing of your home. With this in mind, there are some steps that you need to take in order to ensure that you price your home most appropriately when you bring it onto the market for sale.

The most fundamental and important step that you need to take when it comes to pricing your home for sale is to get an appraisal of your home. There are some very reputable certified appraisers in business today in the Tampa and Tampa Bay areas. You will want to make certain that you do utilize the services of a certified appraiser who has developed a reputation for providing solid valuations in the community.

In addition, you will want to review comparables when it comes to pricing your home in advance of putting it on the market for sale. In the simplest of terms, comparables are the values assigned to similarly situated homes in proximity to where your own residence is located. In other words, you are looking at what values have been assigned to homes or properties like your own. It is rather like comparison shopping on some level.

You will also want to take the time to look at the prices that have been placed on homes that are similar to your own in your area that have not sold (active and pending homes for sale). You can glean information through this process about prices that might in fact be too high for certain types of properties in your neighborhood. While you certainly want to set an appropriate sales price for your residence, you do not want that price to be too high so that your property ends up stuck on the market unsold.

You may also want to consider undertaking a square foot calculation to determine a sales price for your home. In other words, you will want to consider the square footage of your residence and comparable properties. You will want to analyze what sales prices have been assigned to these other comparable residences. Through this process, you will be able to come up with a sales price for your own property. You will need to do this not only on sold but active and pending homes for sale.

Of course, when it comes selling your home, you need to remain flexible. You may come up with a sales price in the first instance; however, you need to pay attention to market trends to make certain that the offering price remains appropriate to the circumstances that prevail at any given point in time.

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