Pricing A Home In 2022
Pricing is a critical element to selling a home right now. Determining the right price allows for a quick and financially rewarding sale, and this is true for ALL real estate markets.
You may have a general idea of the worth of your home, but before settling on a price, read our suggestions and tips below.
How can a professional agent help price a home for sale
There are several preliminary steps owners can take to price their homes appropriately. For instance, working with a professional agent can give insight into what your house is currently worth and how much your local market is willing to pay.
Often these professionals can also supply you with resources such as home value estimates, comp sheets for similar houses in the market, and key market information.
Factors and market trends that impact home pricing
There are a few factors that can affect the price of a home, including:
- Comparable Home Prices
- Age of the Home
Each of the elements above can affect the overall price of a home differently. Let’s take a closer look at each and see the impact.
Comparable Home Prices
One of the most important factors for pricing a home is comparable home prices, often known as comp pricing. By looking at similar houses and the price they sold, you should have a good idea of the value the market is placing on your home.
As a general rule, you should consider homes within the nearby vicinity that have similar features and that have sold within the past 3-6 months.
Home buyers often look for more than just a home — they also want a good neighborhood and community. The location of a house can play a significant role in the price a seller can ask. For example, a home in a neighborhood close to schools and restaurants will often fetch higher prices than a house in a rural area.
Time is central to determining the listing price of a home. Knowing what is currently going on in the market will serve you well as the health of the market rate and rate of competition will make a drastic difference in urgency. Time will determine whether a home sells right away or sits for months, receiving minimal attention.
Age of the Home
Often the age of a home can affect its list price. For example, the age could improve or hurt overall value depending on how well the house is maintained. Buyers will often pay more if the home is well-maintained and the current owners have added modern features.
How the future of the housing market can impact pricing of the home
As experts look toward the remainder of the year, home prices should continue their upward climb. However, some signs signal a slight cooldown is possible moving into 2023.