Pricing a house for sales by owner is as important as preparing it to be shown to prospective buyers. Even at the very start, you should have a range that would not scare away prospective buyers, but would instead encourage them to look at your house and to hopefully purchase it in the future.
The key is to price it just right, not underpriced nor overpriced. Here are some tips that you can take note of as you price your FSBO house:
- You have to aim to get the price right as early as possible. If you overprice your house, you would not get as much offers as you want. On the other hand, if your house is underpriced, it may create a negative impression on prospective buyers. After all, low-priced items are usually associated with mediocrity and substandard quality.
- Base your price on the location of your property. Make sure that you know the prices of other homes in your area, since this would affect the price of your house in a big way. For instance, areas that are in demand have high house prices, while those that are not hot in the market would not sell as high.
- Consider the current condition of your house. Of course, a well-maintained house has more value than one that has a lot of needed repairs. It would be better if you sell a house that is well-maintained and price it higher than a house that looks dilapidated. Buyers want to get a no-fuss house, one that would not require them to get busy just doing repairs and maintenance works. This is your job and responsibility to present a house that is well-kept.
- Take note of extra amenities. If you have extra amenities such as a pool or a hot tub, you can set the price of your house a little high.
- Evaluate your house against other properties for sale. This would help you get an idea of the prices of houses near yours. You can look in the Internet and check the prices of other houses. You can even drive around and ask about the prices of houses. This would give you a good range which you can use and base on when you set your house’s price.