The property market in Rochester, MN, is booming. In 2016, house prices jumped by eight percent — the highest they’ve been for years, according to the Olmsted County Assessor’s Office. But how much is your home really worth? Here are some great tips for how to sell a house with four ways to determine your selling price in Rochester.
1. Use Property Listings
Use property listings to determine the price of your home. Start by looking at similar homes in your area — houses that have the same number of rooms or architectural style, for example — and compare property prices. Look out for comparable features like a big garage or recently-renovated windows. These common characteristics will help you work out the price of your home.
House prices fluctuate in volatile real estate markets, so only compare property listings from the last two months. Most property websites have filters so you can narrow down your search and only view properties that have recently hit the market.
2. Compare Neighborhoods
Remember, your neighborhood will influence the price of your home considerably. A three-bedroom house in one neighborhood won’t be the same as a property in another. One expert recommends that you take into account neighborhood boundaries like freeways and railway lines when ascertaining property prices in a particular area. If you live in a large neighborhood with more than one ZIP code, concentrate your property price search on your immediate area.
Local amenities also impact property prices. Schools, shopping, and restaurants, freeway access — all of these add value to your home.
3. Use a Real Estate Agent
Pricing your property is often a challenge, especially when so many variables affect the price of your home. Using an experienced real estate agent could provide you with a solution. A huge 90 percent of home sellers use an agent to negotiate prices and keep track of the latest market trends.
A good real estate agent knows how to sell a house and takes care of all the work associated with pricing your home. They value your property based on various factors, such as local amenities and the condition of your home.
Using a real estate agent can help you find the right price for your property, saving you time and money. A professional will also find someone who is willing to purchase your home.
4. Have More Than One Price
In property, you don’t always get what you want. Prepare to lower your original asking price if your home has been on the market for a considerable amount of time — again, your real estate agent will help you with this — or if market conditions suddenly change.
What is the lowest price you will accept for your home? Think of this figure before you put your property on the market. If things don’t work out, you can lower the cost of your home toward this price.
Determining the price of your home is a big deal. Get it right and you could sell your property quickly and make a substantial amount of profit. Get it wrong, however, and your home could sit on the market for months — or even years. When pricing your property, compare neighborhoods, use property listing websites, have more than one asking price, and enlist the services of a good real estate agent.