How To Price Your Home When You’re Ready To Sell

How To Price Your Home When You’re Ready To Sell

Deciding to list your home is a big deal. There are a million and one things to check off the to-do list before taking the step. Arguably the largest decision you’ll need to make is what price you’re planning on listing your home at. 

How to price your home to sell is a lot more tricky than you’d think. Overprice it and you’ll be sitting on your home for longer than you want, price it too low you could be walking away from the deal short-changed. 

While there is nothing stopping you from dropping the price at a later stage, when your home’s listing has been on the market for some time, it’s tough to encourage buyers to be interested in it. 

You want to avoid landing up in a pricing dilemma. But what is this pricing dilemma?

What is a pricing dilemma?

As discussed, pricing your home too high can be a mistake, as discouraged potential buyers are hard to re-attract. But if you price the home too low, it can be a benefit for you, especially if the market is right. 

Houses priced below market value will receive multiple offers and will drive up the asking price up to market value. The pricing of your home should be based on supply and demand. Also, having a good idea of what the markets are doing is key. 

What are the markets doing in your area in Virginia, Maryland, and Washington DC? 

Housing market in Virginia

In 2021, there will be a strong demand for homes. And housing stock has seen a drop in the market comparing the year-on-year change. Virginia Realtors stated that there is a 50.1% decrease in the month’s supply. 

And even with the decrease in inventory, the sales volume has seen a 31.2% increase year-on-year, jumping from $2.7 billion to $3.5 billion. 

The main reason for this massive jump is that many buyers are getting into bidding wars for properties and driving up prices. The median sales price for homes has jumped by 9.6%. 

Combine all this together and you have a very healthy seller’s market

Now let’s look at Maryland. 

Housing market in Maryland

It’s the same story in Maryland as well. Record low-interest rates have created a mob of eager home buyers with limited housing inventory. 

And inventory is moving incredibly quickly. According to Maryland Realtors, year-on-year comparisons between 2020 and 2021 for median days on market dropped from 29 days to 8 days! 

New listings also dropped from 8,811 to 7,404, so it’s a seller’s market. Just like they are conducting bidding wars in Virginia, buyers in Maryland are driving up the price of homes. The median price for homes has jumped up 10.2%. 

What about in the nation's capital? 

Housing market in Washington, DC

Just like its neighbors, Washington DC is a seller's market too. The metro saw an average price gain of 12.1% compared to last year. 

This price surge, once again, is down to the combination of low interest rates and an imbalance in supply and demand. Housing supply (for sale listings) has dropped by 52% over the last year. 

And in turn, homes are moving quickly.  On average, expect a house to be snapped up within 6 days or less. 

To summarize, currently, the market is a seller’s market. And posting an asking price below the median price could easily see it reach market value and above. 

While you can assess the value of your home on your own, you can also ask for assistance from local realtors and brokerages. 

Hiring a realtor or brokerage to assist 

One of the first tasks a real estate agent or brokerage will complete when being hired is to complete a real estate comp

A real estate comp is one of the best techniques used to determine the price of a property. It is used by real estate agents and agencies as well as appraisers. 

How they reach their final figure is by looking at how much others were willing to pay for a home similar to yours. You can actually compare the original listing prices with what the finalized price is and determine the usual drop in price. 

If you are in a buyers market, you will need to prepare for this drop, but in a seller's market, it could increase.

They can use any locally listed house near your home as a comparison. But don’t be tempted to try it on your own, it would be very hard for you, as an average Joe, to access this real estate information.  

This being said, you can do a basic real estate comp using the listing prices. Remember to limit your search to your neighborhood and within a ½ to ¼ mile circumference around the property. 

If you are unsure about properly completing the comp, you can request a Comparative Marketing Analysis (CMA) report. 

While we’ve said you could request one, most realtors will provide you with a Comparative Market Analysis (CMA) for your home. 

With a CMA you’ll be collecting data on:

  • Zone of home

  • Schools in the area

  • Public transport

  • Access to shops

  • Pricing in the area

  • And the properties sold in the area over the last 90 days. 

By taking this simple step you should be able to generate a better asking price and entice a new buyer for your home. 

Other factors that realtors might overlook are renovations completed on the property, also neighborhood dividing lines, and physical barriers. Don’t get trapped comparing your home to one on the other side of the tracks. 

Also, square footage is important, especially in the current market’s desire for multigenerational housing, where millennial homeowners and in-laws live together. Try to keep the comparisons within a 10% variance up or down. 

And the last detail that might be forgotten by a realtor is to compare homes of the same age. Sometimes homes that are built in a certain decade now live side by side. Make sure that the homes in the CMA report are from the same decade. 

While reports and comps will help, it’s often the trends and aspects that aren’t mentioned that will determine the value of your home. 

What factors will determine your house’s sale price? 

Other factors determining how to price your home for sale

While it’s great to compare your house with others in the neighborhood, it’s often the house itself that determines the home’s selling price. 

Does your home need repairs and renovations need to be completed?

If you are selling the home “as-is” and you have no capital to complete repairs and renovations, you can price your home lower to make sure you sell.  

Homes that need extensive work need individuals willing to put in the time and capital to make it livable m. And if there is visible mold, water damage, or a smell around the house, it’s going to be a tough house sale. 

Also, if your home is kitted out with outdated appliances this could also mean lowering the asking price, as the new buyer will need to replace these items. 

Is your home desirable?

Desirability is a major drawcard for properties. This can extend from the area you reside to your home's finish. 

If you live in a hip and trendy midtown complex, the desirability card you’re selling is a lifestyle. Morning runs to the artisanal bakery, lunches at the corner cafe, and gourmet suppers by candlelight. 

Alternatively, if the home you’re selling looks something like from the pages of an interior decoration magazine, that’s the desirability factor that will sell the house. 

Price to avoid obscure and century pricing

When you’re determining how to price a house to sell, you need to make sure that you don’t price as a “century” number. A century number is something with a zero at the end. By avoiding this, it’s where you list your house for just under the full amount you want. 

In the retail setting, it’s the reason why they price items at $19.95 and not $20. There’s proven psychology that humans read these prices as more attractive.  

List your home to be separate and searchable 

Most American homebuyers are searching for properties online. This means you need to consider where your listed home’s price will land it. 

If houses in your neighborhood are all listed at a certain price, or there’s a pricing gap in the market, it would be wise to slot your home in the opening.

This also applies to online search results. Most users search for homes in certain price brackets. A buyer will look for homes between $280,000 - $300,000, but won’t bother looking for yours if it is listed at $305,000.

Learn from sellers’ mistakes and what buyers are seeing

One of the last things to consider when thinking about, “Pricing my house” is to do some research into how other sellers’ have fared within the market. 

This can be done by finding withdrawn and expired listings. You can do this by looking up listings online. The difference between the two terms is an expired listing means the agreement between the seller and agent came to a close without a sale, while a withdrawn listing means the owner took it off the market.  

If the agreement came to an end it means that the professionals couldn’t find a buyer for the property at that price, while a withdrawn listing means that the seller was unhappy with the offers (a generalization). 

You can also determine what the average listed time is in your area. 

The next step is to put yourself in the shoes of a buyer. While you’re bound to have an emotional attachment to your home, be honest about it and try to work out if, from their point of view,  it’s worth the asking price. 

Finding the solution to the question, “How to go about pricing my home.” is complicated and can be extremely stressful. 

But what if you could get a cash offer within ten minutes without having to do a thing? 

We buy houses for cash!

House Buyers of America will buy your home for cash. This means we can act quickly and buy your home “as-is”. House Buyers of America will buy any home at a fair price.  

There are no stressful calculations or research to be done. All you need to do is to give us a call at 855-659-3289, or you can use our online form to get started! Our Real Estate Consultants are ready to assist you!

And as the perfect buyer for your house, we’re going to give you a fair cash offer on the phone within ten minutes. 

House Buyers of America will handle all of the paperwork and we’ll do it quickly if you’re ready to sign on the dotted line. 

And once you’ve signed the contract, you will see the cash in your account in a matter of days. 

Currently, House Buyers of America will buy homes in Washington DC, virginia house buyers, Maryland, and all throughout the Mid-Atlantic.

But why House Buyers of America? 

Why select House Buyers of America?

Since 2001, House Buyers of America has been in the business of buying and selling homes.  

We bring our experience and customer service records to the table. 

This means our staff is able to assist with nearly every situation because we’ve been there, bought and sold thousands of houses.

Give us a call if you’re looking for a buyer to purchase your home within 10 minutes!

Get an offer with a click of a button

Sell your home directly to House Buyers of America and can skip all the hassle and months of uncertainty. Simply enter your address – and get our offer with a few simple steps.

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For those seeking an assured quick sale, a cash offer might be the golden ticket. How Much Work is Needed to Sell There’s a lot of preparation that goes into selling a home the traditional way with a real estate agent. There’s packing, renovating, fixing up the house, listing photoshoots, home staging, and open houses—the list goes on. The only way to avoid these obligations is to opt for a “sell house for cash” program. These programs, like the one we offer at House Buyers of America, provide you with a fair cash offer based on the current condition of your home—no cleaning or prep work required. We work with you every step of the way based on your unique selling situation. Who Cash Home Buyer Programs Are Right For If you want a simple and hassle-free home sale, selling a house to a cash buyer might be your best available option. House Buyers of America is here to help sellers in those situations. We offer a competitive sales price for your house AS IS, no matter its condition, saving you the time and stress that would have gone into trying to sell on the market. So, what’s the benefit? A qualified company that buys houses for cash, like House Buyers of America, has the funds to make the purchase. You also get a guarantee that the sale will go through. That's never the case with selling a house to a high-tech real estate cash buyer like House Buyers of America. Also, when you sell your home fast to a cash buyer, you know they can process the payment much more quickly because they aren’t relying on lenders or third parties. This means that your house is sold fast, and you're free to move on to your next place. Of course, while working with an iBuyer is usually the best way to sell your home quickly (for cash or otherwise), there are still several other options that might be worth exploring: Related: The Top 6 Reasons You Should Sell Your House “As Is” For Sale by Owner (FSBO) Listing This method allows homeowners to bypass real estate agents. However, the onus of managing paperwork and attracting buyers falls squarely on the homeowner. This route can often be more time-consuming than anticipated, especially if the market is slow. Real Estate Listing This method has its merits, but the time and effort involved in maintaining the house for viewings, alongside agent commission fees, can make it less appealing for those wanting to Sell Your House Fast. Doing “Whatever It Takes” Selling a house requires effort, whether you're working with an agent, promoting it on social media, or hosting open houses. But remember, more effort doesn't guarantee a faster sale. The below statistics demonstrate why this is the case: The entire length of time it takes to sell a home is more than just the number of days your house is on the market. Before your house can be listed for sale, you must do your research to ensure selling your house is the right decision and also find contractors. That takes time. 86% of home buyers finance their homes, meaning they must wait for their mortgage loan to be approved before finalizing a purchase. That adds additional time to the closing process. It takes 30 days, on average, for a mortgage to be approved, and 50 days for the sale of a house to be completed (from initial offer to closing). On top of that, if the house needs a lot of work and the buyer is getting a construction loan—like an FHA 203K loan—you can expect another 90 to 120 days for that to be approved. Why The Traditional Route Might Not Be Fast Enough Traditional house selling methods often require time, sometimes stretching from 6 months to a year. This can be problematic for those seeking a rapid solution, making a "sell my house fast" approach a more appealing alternative. Our team at House Buyers of America is passionate about providing homeowners with a convenient and rapid-fast alternative that puts cash in their pockets sooner rather than later. House Buyers of America's Sell Your House Fast Process Have you ever thought, "I need to sell my house for cash now"? House Buyers of America's process is efficient and designed for speed. This approach is particularly beneficial for those eager to progress to their next life phase without the added stress of a prolonged selling process. The Experience of Selling Your House to House Buyers of America When you work with House Buyers of America, you're working with a seasoned, reputable company. With their history of buying thousands of homes since 2001, their process is streamlined, efficient, and trustworthy. Unlike traditional real estate agencies, we do not require you to: Clean or prepare your home for sale Be present for viewings or open houses Wait until a potential buyer receives loan approval Complete costly repairs Pay a commission fee Instead, we make the house selling process easy by: Providing you with a fair cash offer in just a few minutes Buying your property AS IS, no matter the size or condition Paying you cash upon settlement of your house Providing outstanding customer experience with our real estate team Offering cutting-edge technology to simplify the home selling process How We Make A Quick House Sale Possible If you are hoping to “sell house for cash quickly” or “sell house for cash fast”, we’re here to help. We make it possible for you to: Move forward with your life in a matter of days (not months or a year) Sell your home without cleaning or renovating Save money by avoiding commission fees and closing costs Walk away with cash in your pocket Why Sell Your House to House Buyers of America? In business since 2001, thousands of homes purchased We close on time You never pay any commissions (yep, none!) We work with your schedule If you sell your house to us, you have no worries, no commissions, and no delays. Why deal with the headache of staging a home, scheduling open houses and maintaining listings? Contact us now to sell your house fast and save time and money. We have bought thousands of homes since 2001. When you sell your house to us, you are dealing with a local, established company. You can visit our office and talk with us any time if you have questions or concerns. We even provide you with a real estate consultant to help you through every step of the process. Making the Right Choice for Your Needs While traditional methods might work for some, many find the efficiency and ease of a "sell house for cash" approach preferable. If a hassle-free, swift sale is what you're after, House Buyers of America might be your ideal choice. FAQ Why might someone want to sell their house swiftly? Reasons vary, from job relocations to financial challenges or even unexpected property inheritances. Is selling my house for cash a reliable option? Yes, especially when you want to sell your house fast without the regular market uncertainties. What advantages do iBuyers like House Buyers of America offer? They provide a streamlined process, no realtor commissions, and swift cash offers, among other benefits. Does the condition of my home affect the cash sale? Not with entities like House Buyers of America, as they offer to buy homes "as is." How long does it take to get a cash offer for my house? 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Cities and Counties in Maryland Where We Buy Houses Aberdeen Adelphi Annapolis Baltimore Bel-Air Beltsville Bowie Burtonsville Bushwood Catonsville Chesapeake Beach Chevy Chase Chillum Clinton Colesville College Park Columbia Crofton Darnestown Edgewater Eldersburg Elkton Essex Fells Point Fort Washington Frederick Gaithersburg Glen Burnie Greenbelt Gwynn Oak Halethorpe Havre De Grace Hyattsville Indian Head Lanham Leonardtown Lexington Park Lochearn Marlow Heights Mechanicsville Milford Mill Monkton Monrovia Montgomery County Mount Rainier Nanjemoy Olney Oxon Hill Pikesville Potomac Prince George's County Randallstown Rockville Rosedale Walkersville West River White Plains And more! We’ve worked hard to establish the best platform for quickly selling your home in Maryland. With our “We Buy Maryland Houses” program, you can quickly get your home off your hands, all for a very fair price. We’d love to chat more about finding ways to sell your Maryland property and help you achieve your long-term financial goals. Why You Should Use House Buyers of America Selling a house is stressful enough, even if you live in a very competitive state for housing like Maryland. When you add in the trials of trying to sell your house during a personal financial emergency or the emotions of an estate sale, it can be overwhelming. Let House Buyers of America buy your house; as suggested, we buy houses in Maryland and we put a lot of pride into our work. Here are just a few ways House Buyers of America can make a real difference: No Commission Yes, you read that right. House Buyers of America takes no commission when buying your home. This frees up at least 6% in the value of your home, significant savings that you can apply to your next home. With Maryland’s high real estate values, that means you could potentially save tens of thousands of dollars. With no commissions, you can be assured that you get a fair price for your home. Related: Three Tips to Sell Your House Fast for Cash Fast House Buying House Buyers of America promises to get you an offer within 10 minutes over the phone. It doesn’t matter if you are trying to sell a home in Maryland, Virginia, D.C., or any of our other markets. That means no more waiting on real estate agents to list your home and then receiving an offer from a potential buyer in weeks or months. Close in as Little as 7 Days Some companies will tell you “We buy Maryland houses in 7 days,” but they don’t have adequate capital or a fully staffed office to accomplish this. House Buyers of America’s goal is to buy houses in Maryland in as little as 7 days because we try hard to ensure we buy it as quickly as possible. We have plenty of capital—enough to buy many more houses than we’re buying now. Plus, we have a fully staffed office ready to handle any new deals. Our commitment to a speedy sale is a hallmark of House Buyers of America. Any Condition, AS IS This is not a gimmick. We buy houses AS IS in Maryland, in any condition—from a tear-down to relatively new houses. Whether it needs tons of repairs or no repairs at all, our purchases are not made based on the condition of the home. Our offers are made in cash for any condition and on an AS IS basis. When Should You Use House Buyers of America? Clients of House Buyers of America range across demographics, ages, and financial situations. We help make it possible for Maryland homeowners to achieve their financial dreams. As a result, there are certain reasons why our customers tell us why they sell their houses to us. Job Transfer Did you just get a promotion that requires you to relocate? Or maybe your local office is closing down and you have to relocate to another city quickly in order to keep your job. Whatever your job transfer needs are, we offer cash for your home and we can close quickly. Buying a New House Perhaps the thought of juggling the sale of your current home and purchasing a new one at the same time in the same local market might be creating a lot of stress. Have you considered having to have your home staged and then factor in coordinating where to live after you sell? What should you do? Put a home sale contingency in an offer to purchase a new house and risk making your offer much less competitive. Or should you buy a house first and then risk not being able to sell your current house, leaving you stuck with two mortgages? This is the age-old real estate dilemma. If you’re in this situation, you’ve come to the right place! With House Buyers of America, you get a guaranteed sale of your house and we’re flexible on the closing date (and no closing costs). After the purchase agreement is signed, your home sale is covered and you can start looking for a new home without worrying about selling your existing home. Divorce Divorce can be a huge disruptor, emotionally and financially. In most cases, the divorced couple needs to sell their house fast so they can divvy up the assets and make a clean break. Many in a divorce situation look for a “sell my house fast Maryland” company so they can sell their house without having to go through the arduous process of a traditional sale. Finding a real estate agent, renovating, cleaning, and staging the house, agreeing on a list price, negotiating the terms of the contract, etc. This is normally a stressful enough task, but if you add divorce into the mix, it feels impossible. Why not pick up the phone and get an offer in 10 minutes? Or simply fill out our online form and get an offer quickly. No need to renovate, stage, select a Realtor, and deal with people traipsing through your house and losing all of your privacy for 6-12 months. Real solutions are well within reach. There is an alternative: House Buyers of America! Financial Distress Are you in a financial bind with thousands of dollars locked away in your home? Most people do not realize they can directly access the accumulated equity of their home in their hands in as little as 7 days until they contact House Buyers of America. We offer fair prices for when you need an immediate cash infusion to stave off foreclosure, bankruptcy, or whatever life throws at you. Medical Emergency, Retired, Downsizing Some of our clients are elderly and have stayed in their homes for years, but have stumbled into a medical emergency and need the equity in their homes to pay for hospital bills. When this is the case, whether you are a homeowner or a care provider, you might need to sell your Maryland home quite quickly. Others simply want a hassle-free solution for downsizing into a smaller home and want equity in their legacy home. Estate Sales House Buyers of America have also helped thousands of people who have suddenly inherited an unwanted or unneeded property. When dealing with an estate, many heirs can’t decide or agree on when to sell the house or who will take care of the paperwork, so the house is left sitting vacant and deteriorating for months or years. Estate sales can bring out the worst in people and families often get torn apart in the process. The traditional real estate process can be complicated and often doesn’t work well for estate sales. The unique estate laws that apply in Maryland can also create some additional complications. So why not try a simple, fast, and hassle-free solution that all of your family members can agree on? Get an all-cash offer in as little as 10 minutes by contacting House Buyers of America. A Fresh Start We’ve talked about several reasons you might want to sell your Maryland house to a cash buyer. Then there are those unfortunate circumstances in life that require a complete and total liquidation of your assets when you need a speedy exit from your current home and town. By getting an all-cash, guaranteed offer from House Buyers of America and getting your house sold in as little as 7 days, you get that fresh start without waiting. That’s why we continue to be the choice of people looking to “sell house fast in Maryland,” as well as other nearby states.