If you are looking to sell in Forest Hills, you probably have dollar signs on your mind. Will you earn enough profit from your sale to fund your next real estate adventure?
There is no one-size-fits-all approach to pricing a home. Your location, your goals and the market conditions all play a role in this complicated process. This is where an experienced, local real estate agent becomes your best friend.
Although most sellers rely on their agents to avoid a pricing predicament, it’s still important for sellers to understand where the numbers come from. Here are three home-pricing strategies that we use at Forest Hills Realty:
The Basic Approach: A Comparative Market Analysis
A comparative market analysis, or “comps,” looks at recent sales of similar homes in the neighborhood and bases your home price on this data. Comps are considered in almost every pricing strategy that we develop for clients who are looking to sell in Forest Hills.
Think Like a Search Engine
When buyers go on Zillow, Trulia or other real estate websites, they can filter the homes that they view based on their budget. If you are willing to make a few minor tweaks to your price, your property could be visible to more buyers.
For example, if you price your home at $402,500, you’ll miss buyers that set their upper limit at $400,000. It might be smarter to set your price at $399,900. It’s a little less cash in your pocket, but it might be worth the small sacrifice.
Consider Seasonal Trends
Have you heard that the best time to sell a home is in late spring? In general, this rumor is true. When the real estate market is “hot,” you might be able to price your home a little higher. If you are looking to sell in Forest Hills, you might want to wait until the market heats up to list your home.
Call us at (718) 997-6000 or email us today for any questions.