Determining the value of your home as a FSBO (For Sale By Owner) seller and setting the right sale price can be a challenge. At Manatee, we’ve bought and sold numerous properties in Bradenton and Sarasota, and here’s some advice based on our experience for setting the initial sale price for your property.
Steps to Determine Your Home’s Value and Set the Sale Price
1. Calculate “After Repair Value” (ARV)
The first step is to determine the “true value” of your home. This involves checking the sales price of homes similar in size, number of bedrooms, quality, and location to yours that have sold within the last 3-6 months. Websites like Zillow can be useful for this. These comparable sales, or “comps,” will give you a good baseline number to start with.
2. Consider Unique Elements
Next, consider elements unique to your property, both positive and negative. Ask yourself:
- Does your home have outdated appliances or need repairs?
- Is it in pristine condition?
- Does it have unique features or upgrades?
Outdated appliances and needed repairs will decrease your home’s value from the ARV, while a well-maintained, upgraded home may be worth more.
3. Determine Your Timeline
How quickly do you need to sell? This is a major factor in determining your listing price.
- Quick Sale Needed: If you need to sell quickly, opt for a lower listing price to attract more buyers and speed up the sale.
- No Rush: If you have more time, you can price your home at or even above market value, giving you room to negotiate.
4. Set Your Price
Don’t overthink it! After considering the ARV, unique elements, and your timeline, set a price that you’re happy with and that will appeal to buyers. Remember, you can always adjust the price later if your home isn’t selling or if there’s a lot of interest.
Additional Tips
- Market Research: Keep an eye on local market trends and adjust your pricing strategy accordingly.
- Professional Appraisal: Consider getting a professional appraisal for a more accurate valuation.
- Flexibility: Be prepared to negotiate with buyers and adjust your price if necessary.
Conclusion
Setting the right sale price for your home as a FSBO seller involves research, consideration of unique factors, and understanding your timeline. We hope these tips help you set a price that meets your needs and attracts buyers.
If you want to skip the headache and sell your house as-is for a fair cash price, give us a call at 941-300-6090. We can close within two weeks and even pay all closing costs!