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 When you sell your home online, perhaps the most important decision you will make is setting the opening bid price. It's no secret that the real estate market is highly price sensitive and it is so important that you don't overprice or under price your home. To help you work through the complex web of setting the price to sell your home online, we have compiled this listing of tips to price your home effectively!
- Obtain Comparable Listings and Sales. The first step is to look at every similar home that was or is listed in the same neighborhood over the past few months. Consider looking at homes within a ¼ to ½ mile radius. Only expand past this radius if there are no comparable homes for you to consider. When reviewing these listings, be sure to pay attention to neighborhood dividing lines and physical barriers such as major streets, freeways or railroads. You want to eliminate any properties that would be considered a lower value because of their proximity to something like a freeway, busy street or railroad.
When figuring out what price to set to sell your home online, you need to compare similar square footage. Aim to only consider homes with square footage ten percent plus or minus from your home. Another consideration is to look at homes of similar ages. Based on the decade of construction, there can be considerable differences in the value.
- Pull History of Expired and Withdrawn Listings. Obtain a listing of expired and withdrawn listings to determine if any were taken off the market and re-listed. This will help you find out the original list price to final sales price to determine price reductions. Again, this information will help you set an accurate price for a quick sale of your home online.
- Review Active Listings. Find active listings that compare to the home you will sell online. Check out the features and amenities and compare to your own home. If you can, do an in person tour or online tour of some of these homes in your neighborhood, ask yourself why a buyer would prefer your home over any of these, and adjust your price accordingly.
- Market Dependent Pricing. It's no secret that the current real estate market will drastically affect the final price you receive when you sell a home online. After you have collected all your data from the sources listed above, the next step is to analyze the data based on market conditions.
For example, in a buyer's market your selling price should be very competitive and allow for some up bidding online. In a seller's market, you might want to add ten percent more to the last comparable sale. Since there is little inventory and many buyers, you can set your starting price higher and likely get it to go above your opening bid. Finally, in a balanced market, you may want to set your price in the range of the last comparable sale (provided it occurred very recently).
If you are still unsure about what level to set your opening bid price in order to sell your home online, you could find an online consultant (usually a Real Estate Agent) who will help you get a correct estimate of your home's value. Another option is to pay for a traditional appraisal, which is an estimated value given by a professional appraiser that is placed specifically on your house in the current market.
Once you've gone through the tricky research to determine your auction price to sell a home online, why not sign up with www.ShopNSee.com, a high quality Internet auction house putting the power of video behind your sale. You can upload a virtual tour of your home, which is the next best thing to having prospective buyers tour your home in person! Why not find out more about how to sell your home online with Shop'n'See!
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