Top Realtors in MD discuss how to determine the best list price for your home in this complex market.
One of the most complex decisions to make when selling your home in Baltimore is coming up with the ideal list price. The list price is the amount you ask for the first day the house goes on the market.
It is not guaranteed to be the price you get. You may have to lower it over time if the home doesn’t attract much attention. It’sIt’s also important to note that the list price isn’t the taxed assessed value either. Instead, it is simply a starting point for negotiations between you and potential buyers.
When it comes to learning how to set your home’s list price, Realtors in MD wants you to consider the following:
Location
The location of your home is crucial when figuring out how to set your home’s list price. Agents like those at Baltimore’s The North Star Team of Keller Williams Legacy will consider the crime rate in your area, the school system, and other details, such as the availability of public transportation.
Even your location within the community will affect the listing price. Is your home located on a busy intersection or road with heavy traffic? These factors can lower the listing price.
Recently Sold Homes
It would help to look at the price other homes have recently sold for in your area. Potential buyers will be doing the same, and they will know immediately if your list price is outrageously high. Their mortgage lender also looks at these figures. They consider this along with their appraisal of the property. Don’t get excited if someone offers more than your list price. If their lender determines that the property is not worth it, the buyer won’t get the loan they need for the purchase.
The Home’s Condition
Is your home a fixer-upper, or is it well maintained? If your home needs work, potential buyers will consider the renovations they will need to make. They realize they need to leave money in their budget to remodel, creating a lower offer. Renovated homes in top condition sell for much more than a home that hasn’t gotten renovated in decades.
The Housing Market in Your Area
Before setting a list price, determine the housing market in your area. Is it a buyer’s market where there are more homes than buyers? If so, you may have to lower the list price. Is it a seller’s market where there are more buyers than homes? Under these conditions, many homes will go for more than the asking price. You may find your area in a neutral market. This is when the number of buyers and the number of houses available balance out.
Above all else, your agent can help you land on the ideal asking price for your Baltimore property. Contact The North Star Team of Keller Williams Legacy for help learning how to set your home’s list price.
References:
https://realestate.usnews.com/real-estate/articles/the-guide-to-understanding-your-home-value
https://www.forbes.com/advisor/mortgages/sellers-market-vs-buyers-market
https://www.investopedia.com/financial-edge/0410/the-5-factors-of-a-good-location.aspx
Sell My House Baltimore
