How To Set Your Asking Price When Selling a Home in New Jersey

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How To Set Your Asking Price

You obviously want to get the best price whenever you’re selling a house in New Jersey. You won’t want to price the property too high, it might scare off the buyers. Pricing it too low is a bad idea too, you might lose thousands of dollars. The question is how do you set your asking price?

There are tested and proven methods on How To Set Your Asking Price When Selling a Home in New Jersey. Keep on reading to learn more…

Know Your Market

Do an extensive research and find out how much the other properties are selling in your area. Look at seasonal trends. If you’re not in a hurry, list your house at a time when prices are higher!

Look up properties in Zillow, MLS and FSBO (For Sale By Owner) sites

Do some research and find out what comparable homes are selling for in your area. Take a look at seasonal trends, and if you have the time, list your house at a time of year when prices are typically higher. Lookup homes that are actively listed on the MLS, Zillow, and for sale by owner sites and take note of the amount of time the property has been listed.

If a property has been listed on the market for quite a while, most often than not the price would be too high. So, considering supply and demand, if there are many properties in the market, buyers will have the upper hand.

You can also ask a realtor for a more detailed Comparative Market Analysis – CMA. Most of the realtors offer this for free as a marketing strategy. This should be a no-obligation consultation. And who knows, they might have a buyer for you, too.

Be Realistic

You might have decided on the price that you want to get for your house. Make sure it’s realistic. Buyers, nowadays are savvy. You may also have a lot of competition – depending on the market. They want to get a great deal and find a value just like you want to get a good price for your house. Find that sweet spot! That’s the trick. You don’t want to make multiple cuts to the price just because you priced them too high.

The changes in the price/price drop will definitely show up on MLS, and repetitive price changes can make you look like you’re too desperate. It may also indicate that something is wrong with your house. Rule of thumb: only make changes on the prices when it is absolutely necessary.

It might be beneficial to have a professional appraisal done just to make sure that you priced your property right.

Ask Opinions

You can also ask your friends, your neighbors, and family members in addition to asking realtors for a detailed CMA. Ask them straight up how much they would pay for a house like yours.

Getting opinions from a couple of people you know can help you find a middle ground. It can also help you find additional selling points you may have overlooked.

There Can Be More To It Than Just The Final Sale Price

Maybe you can offer a lower price for the home, but the downside is that the buyer has to pay the closing costs. Or maybe you can get your asking price, so long as the furniture comes with the house.

You do have some bargaining power when finding the sweet, sale price for your home. With some clever strategy, you will be able to set your asking price that works for all parties.