With the information and technology that’s readily available, homeowners no longer need a Realtor to set the right asking price for their house. Reozom, an online real estate platform, empowers sellers to save thousands of dollars in their real estate transaction by eliminating costly agent commissions. Through Reozom’s tech capabilities, homeowners across the state of Michigan and Florida can list their home properly and quickly with minimal effort, without an agent.
When it comes to setting the price on a house, the truth is that homeowners have access to the exact resources and data that Realtors use to price a home. Reozom users do the research themselves and come up with a similar (if not better) number on their own. For the flat fee of $395, a seller can then list their house on Reozom in under 30 minutes.
The secret to pricing a house is this… there’s no secret! Absolutely any homeowner has the ability to price their property accurately. In fact, the process is pretty simple. Because Reozom wants its users to have a successful home selling experience, here are some tips on how to determine the right price for a house.
Look at what houses have sold for in your area.
Search your zip code in the Recently Sold section on a site like Realtor.com. Sort by the number of beds or lot size and look for houses that are similar to your own. Looking at sold information starts you off with a more realistic idea of what your house may go for.
Check out the price that these similar homes sold for and also look into the property details. If your home has a finished basement, an updated kitchen and a pool, look for houses with those luxuries. Only look at sold info that’s less than 6-months old.
Also, be sure to look at a home’s age and location. For example, if a house is on a main road next to train tracks, the price may not be a good comparison for your house (unless, of course, yours is on a main road next to train tracks!).
See what’s currently active on the market.
Do another search like mentioned above, except this time look at the houses in your area that are currently up for sale. Make sure to find houses that have the same number of bedrooms/baths, a similar lot size and comparable amenities. You want your price to be competitive with these other listings. As a Reozom user, you’re saving a lot of money by avoiding agent fees, which gives you the opportunity to price your home even more competitively than the other sellers who are using an agent.
Keep in mind, the asking prices of active listings shouldn’t be too far off from what the sold properties were recently going for. The market does fluctuate, but if you see a house that’s listed ridiculously high, it might be because the seller is a bit too optimistic!
We recommend pulling at least 3-5 comparable houses during this process. Don’t just make a decision based on the first two that you find.
Think like a buyer & the sites they are using.
Almost every buyer begins their home search online. Many buyers use all of the sites that Reozom markets your listing on: the MLS, Zillow, Trulia and Realtor.com. One of the first things a buyer will do is adjust their price range. Make sure to factor that into the equation when pricing your home. If a buyer is going to set their range from $200,000-$300,000 and your home is priced at $302,000, you might be missing the boat on a significant amount of search results.
Consider the market conditions.
Right now, we are currently in a seller’s market. This means there are more buyers out there than there are desirable houses. Homeowners can get away with asking for more when it’s a seller’s market simply because there is a higher demand for housing. There is also a lot of anticipation that interest rates will be increasing soon. More buyers are coming onto the market so they can lock in their mortgage before the rates go up. So as a seller, you can raise your price by a few digits.
Go with what feels right to you.
After researching the sold and active properties in your area, factoring in a buyer’s mindset and considering the current housing market, you should have a sound price in mind.
Ultimately, you are the homeowner and you truly know the investments that you have put into your own home. If your moldings are made of solid oak or your backyard’s view is spectacular, factor those aspects into the value of your home. Go with the number that feels right to you. If more than 21 days pass and you haven’t gotten much buzz, you can always adjust accordingly.
Get an appraisal.
If you want to confirm that your price is right, get an appraisal. They usually cost $300-$400. You’re already saving a lot of money by listing with Reozom, so it’s worth it to have an appraiser stop by if it would boost your confidence about your listing price.