Before you put your Vail Valley home on the market, you will need to set a price.
Obviously, you don’t want to price your home too low and leave money on the table – but if you price your home too high, you may end up having to reduce it below what it could have sold for in order to find a buyer.
Here are four tips to keep in mind when determining an appropriate price for your Vail Valley home:
Cost does not equal value: It is important not to confuse the “cost” of your home – how much you paid for it, all of the improvements you have made to it, and so on – with its value to buyers. The hardwood floors and granite countertops you had installed may or may not matter as much to potential buyers as they do to you. Waiting around for just the buyer who does could cost you in the end, because…
Time is not on your side: The time your home spends on market matters. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.
“Wiggle room” can work both ways: Many home sellers believe they should price their home well above what they plan on selling it for in order to have “wiggle room” when negotiating a sale. In fact, this could lead to an overpriced home spending too much time on the market. On the other hand, setting a fair price on your Vail Valley home could bring in attract multiple offers. When buyers compete, you win!
You have help: So, how do you determine a fair market value for your home? The best place to start is with a comparative market analysis. A comparative market analysis is a report prepared by a real estate professional comparing your home to other homes recently sold or currently on the market. Using the information in the report, you will be able to determine an appropriate price for your property. If you are thinking of putting your Vail Valley home one the market, the Rocky Mountain Home Team will provide a comparative market analysis free of charge, at no obligation.
Are you considering selling your home in Eagle County? Contact Michael Routh and the Rocky Mountain Home Team today!