Setting the right list price for your Lakeland FL home could spell the difference between having it sold or sitting on the market for months. There are many things to consider in setting the list price for your home in Lakeland such as current local market conditions and finances.
Your local agent will be a big help during this part of the selling process since he or she will have access to vital information that will affect the list price of your home such as comparable sales and current market conditions. A Lakeland Fl agent will also be able to help you arrive at estimated net proceeds and decide what type of incentives you could offer to potential buyers.
1. Don’t price your home too high or too low. If your Lakeland Fl home is priced too high, then buyers wouldn’t probably pick it as their first choice for viewing, especially if it is priced way above other similar homes in your neighborhood. But on the other end, if the price of your home is too low, you may end up short changing yourself. Your home may sell fast but you may make less money on the sale. TIP: Never used the term “asking price” with buyers since it implies that you are already expecting it won’t be the final price and you won’t get it.
2. Price your home against other comparable sales within the area. No matter how nice or attractive your Lakeland Fl home is, buyers will always compare its price with other homes listed on the market. Comparable sales also give you an idea what buyers have been willing to pay for similar homes in your neighborhood for the past few months. Your Lakeland Fl agent will have access to this information and help you analyze it in order to estimate possible list prices for your home. This is also called a Comparative Market Analysis (CMA) Homes that failed to sell in the same area are also included in the CMA.
3. Determine the type of market in your area. Is it a seller’s market or a buyer’s market? When the real estate market is strong, houses stay on the market for a short period of time. Again, this is where the CMA is useful since it will contain the Days On Market (DOM) of each comparable home sold in the same neighborhood. If the market slows down, the DOM goes up, meaning homes are staying on the market for a longer time, usually several months. Your Lakeland Fl agent will be able to tell you whether the area where you are selling your Lakeland Fl home is a buyer’s market or seller’s market. In a buyer’s market, you would need to offer a bargain price to attract buyers. If it’s a seller’s market you can price your Lakeland Fl home, a bit higher than average just to test the buyers’ reaction.
4. Offer incentives to attract more buyers. Cash incentives could be as attractive to buyers as discounted list prices, especially if buyers are usually cash poor. Incentives may include the seller paying for some or all the closing costs and the discount points that are required by the buyer’s lender. If you have few potential buyers viewing your Lakeland Fl home, you could offer a bonus to the selling broker who brings a successful offer, on top of their commission.
5. Estimate your closing costs. You and your future buyer will discuss and agree on an arrangement that satisfies you, regardless of local practices. Your Lakeland Fl REALTOR will be able to help you estimate your final closing costs.
Make sure to follow these steps so you could be confident that you have priced your Lakeland Fl just right. Once you have reached a good list price the Lakeland Fl home, you could sit back and see the offers start to pour in.