Tips on Setting the Fair Market Price For Your Washington DC Real Estate

Filed Under: Uncategorized    by: Steve Kayhill

washington_dc_real_estateSellers need to decide on a fair market price before putting their Washington DC real estate up for sale. This vital figure plays a major role in determining the quality of buyers, how quickly the house sells and the resulting profit. It takes time and thought to come up with a fair figure, and your Washington DC realtor should be there to offer valuable help.

Tip 1 – Look Around the Neighborhood

Check out the properties for sale on your street and in the surrounding neighborhood. Pay special attention to those that have sold, including how long they were on the market. Those statistics offer one of best gauges for setting the fair market price of your property.

You’ll want to position your property properly in the local market. Too high and buyers will bypass your home for that bungalow down the street; too low and you’ll lose out on potential profits. Ask your realtor to look into the features and specs of other properties up for sale, then compare yours to help decide where it stands against the competition.

Tip 2 –  Consider Your Own Schedule

If you have plenty of time to sell your home, you also have greater flexibility in terms of price. A home coming in at the bottom of the available price range will sell quickly, whereas overpriced homes may remain on the market for an extended period of time. Days on the market is not the only way to measure the price, but it does give you a good feel for the price expectations of buyers and agents.

On the other hand, if you have to sell your home fast that requirement should be reflected in the price. Knock a few thousand dollars off of the expected price and you’re more likely to close a quick deal. Remember to set your price with wiggle room, since you’re bound to come up against negotiation.

Tip 3 – Leave Emotion Out

Many sellers turn to emotion when setting the fair market price. Some people are very attached to their home, other couples are selling their home due to divorce or family emergencies. While it can be extremely difficult to eradicate emotion from this important event, strong feelings may cloud your reason.

No matter how much your emotion wants to get involved, leave it out. Let observation of the market and logic dictate the best selling price. Your financial needs should also be left out; buyers and agents are not concerned with clearing away your debt or creating a nest egg for your retirement.

It may hurt to hear it, but sentimental memories have no place in price assessments either. Maybe your son took his first steps across the living room floor or the family’s beloved goldfish is buried in the backyard. Those may be valuable memories for your family, but they have no bearing on the asking price.

Your realtor has the knowledge and information available to set the optimum fair market price for your Washington DC real estate. Make this process simple and straightforward and the entire transaction will run smoother.


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