If you are planning to sell your home, one of your first questions might be how to actually value your home for the market. And it is an important question that you need to consider to make or break your sale. How do you make sure you’ve done everything right?
Start with the right agent
Your home sales and purchase process should begin with an experienced, reliable broker. A broker who knows the market and has to prove for years that he knows the nuances of the industry, the market and above all will have realistic expectations of you. You may have high hopes for your home price, but depending on the market variables, you will need an experienced professional to be honest with you about what your home is actually worth. Regardless of whether you buy or sell, a transparent and knowledgeable agent will properly guide you through price expectations.
Use “Just Below” prices
A little bit of psychology goes far, and there’s a reason retailers value items at $ 99 instead of $ 100. Housing economist Michael Seiler points out that a drop in the list price from $ 300,000 to $ 299,000 will ultimately result in a premium of 2.5 to 3 percent if the house is sold. When buying a house, the opposite logic applies (offer $ 300,000 instead of $ 299,000). It is a tactic based on it Precision and the guidance of a professional, but worth exploring.
Ultimately, deciding how to price your home is a strategy that depends on a constantly changing market, especially if you are navigating in a city like Chicago. Drawing up a thoughtful and precise plan with your broker is critical to ensure that your Chicago home or condo is sold at the right price.
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