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Tips for pricing a property for sale

Deciding to sell your home is never an easy decision. This could very well be the house you lived in for the last couple of years, maybe even decades. Besides, selling a property means you will also have to move – and we know how expensive and stressful it can be looking for SoHo movers, buying moving boxes and packing all of your items in them. But before you can actually move to a different house, you’ll first have to sell the one you live in. In order to do that, you’ll have to put a price on your house – and this is where the trouble first appears. Pricing a property for sale so that it sells quickly and at a top dollar price is never easy. Luckily, we did the necessary research and would love to share our findings with you by sharing a few tips.

Why it’s important to price your home just right

It goes without saying that when selling a property, every homeowner is interested in getting the biggest amount of money possible for the property they offer. That’s why a lot of people put a ridiculously high price on their property. And that’s where they make a cardinal mistake. Did you know that a house loses its appeal after approximately 21 days of showings? Once the interest starts to subside, you will be on a downward spiral after which you will be forced to start reducing the original price. Unfortunately, this might come as too little, too late for many of your potential buyers, leaving your home either vacant for a long time or sold for half its worth.

A model of a house and a stack of coins behind it.

Putting a price on a house – don’t let become a nightmare.

The best way we can explain it is by using the terminology from our field. We often see storage units NYC being priced way too high just because they might have a good location or some other commodity that makes them stand out. But that still doesn’t make them THAT valuable. And the same will happen to your home.

And then we have the other case – underestimating your home and its value. The only thing that’s good about doing this is the fact that your home will sell faster. But that doesn’t mean you won’t lose a lot of money. Clearly, it’s all about setting the right price for your beloved home. Here are the three best tips we here at Dumbo Moving and Storage NYC were able to find.

Pricing a property for sale – look at comparable listings

Before we get into the three things you will have to take into account when pricing your home for sale, we’ll first deal with the most general way of appraising your home. And that’s by looking at the listings and sales of homes similar to yours. That will give you a good clue as to which price other homeowners put on their property (that’s similar to yours) and how quickly they sold it. You’ll have an idea as to how quickly you’ll be dialing the number of local or long distance movers NYC after which they’ll move your home to a new location.

The square footage should be the same

When assessing the price of the homes that are similar to your home, the first thing you need to do is make sure that the square footage is almost the same. Up to 10% of the variance is withing a safe zone if you want to set the right price. The reason behind this? The main thing that decides the price of a home is the square footage. The larger the footage, the bigger the price and vice versa.

An image of a house being bought after pricing a property for sale gone right.

Look only at those homes which have similar square footage as your property.

Look at homes within a 1/4 to a 1/2 mile radius

You would be surprised how much the prices of houses can vary within a radius of only one mile. Especially if there is a railroad or a freeway separating the two parts. The houses which are on the other side can be much cheaper or more expensive – depends on which side is more desirable. That’s why it’s very important to look for homes that are within a 1/4 to a 1/2 mile radius of your home. Even better – if there’s a house that is only down the block which was recently sold, that would be a perfect clue as to what price you can put on your home. Pricing a property for sale will be much easier once you see how your next-door neighbor’s house that has the same footage as your home was sold.

The age of your home matters when pricing a property for sale

Alas, houses which were built in the 50s can’t have the same price as the ones built in the 80s or 90s. There are many different styles of homes and they all sell at a different price. That’s why it’s very important to figure out what the style of your home is as well as when it was built. Only then can you compare the prices of previously sold homes. And then you can get an idea of the price you could put on yours. Be very careful – even the prices within the same neighborhood could have been built at a different time. Make sure you get all the details before pricing your home for the upcoming sale.

An aerial view of a house.

Modern homes will sell at a different price than Victorian houses.

Finally, desirability plays a huge role

If you are positive your house will knock everyone off their feet upon entering, then you might be able to put a great price on your property. Homes that are desirable sell for a steep price which the new homeowners are usually willing to pay. Be honest – when comparing moving companies, you’d opt for the one that seems more appealing. The same situation applies here. So make sure you assess your house’s desirability when pricing a property for sale. It might help you hit a jackpot!