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4 Things to Know on How to Price Your Home

A home for sale.

I got into a conversation the other day about how easy life would be if it were more like the game of Monopoly. Prices for properties would already be set and printed on a little card. All houses would look exactly the same. But then we quickly realized that in the Monopoly world, each house we owned could only be sold for half its original cost. Yikes! So, I came back to reality.

In the real world, the majority of us buy more things than we sell. Sure, some people may sell items regularly on eBay or have yard sales, but we're more comfortable reacting to a price than setting one. When it comes to selling real estate, most people don't have a lot of experience. You may only sell one or two houses in your lifetime. That's where we come in.  The Realtors here at Coldwell Banker Rizzo Mattson, Realtors in Maine are familiar with all the aspects of selling a home. We do this every day. One of the first things you need to do is set a price for your home. There is plenty of information for sellers on our website and on the Coldwell Banker site, but here are 4 things we think are important to know:

Know and Understand Your Market.

We recommend that you "shop" other houses that are similar to yours, and that are within a small radius of your home, so you can see what they are selling for. And, try to understand potential buyers; learn what they are looking for.

Work with a Real Estate Agent.

It's helpful to have an agent who can help you price your home. We're professionals and we know the market. We understand what buyers want, and we know what they are willing to spend.

Know What Your House is Worth.

It's so hard to be objective when it comes to your own home. You know what you have invested in it and that can make it hard to be objective. Your house has become your home and it can be an emotional time. It's best to hire an appraiser who will give you an accurate, estimated value on your house.

Price to sell.

Selling a house should not be like the car-buying process with sticker-shock and painful negotiation. Once you have done your homework on houses and buyers, you can price your house within the range that others are. If you are looking to sell quickly and you are able, it may be beneficial to sell for $5-10K under other asking prices.

A recent Forbes article instructed sellers to "start thinking about your house as a commodity, not an extension of your identity." This sage advice should make the process go quickly and painlessly.

How many days would you like your house to be on the market?


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