It’s no secret that the COVID-19 pandemic has drastically reshaped industries across the entire globe.
This is especially true for the real estate industry, which has experienced a handful of unprecedented occurrences. Mortgage rates are at a historical low, and many people who are looking to sell their homes aren’t quite sure how much they should sell for.
But, it’s not as complicated to figure out as you might anticipate. Let’s explore a few factors that impact how much to sell a house for.
Your Home’s Location
This was a significant factor well before the world experienced a pandemic. Certain locations make homes far more desirable than others, even if both properties are less than a mile apart.
School districts, access to downtown areas of the city, and the overall quality of the neighborhood significantly impacts how much people are willing to pay. If your home is in a desirable area, you likely won’t need any flexibility on your asking price. Chances are, you’ll be able to find a buyer for your property.
Otherwise, you might need to be willing to negotiate.
Is the Home Vacant or Occupied?
Sellers have found it particularly difficult to sell occupied properties. Not only does this make it harder for the buyer to envision themselves within the home, but it also puts everybody involved at risk of COVID transmission.
Instead, sellers have had much better luck selling vacant properties, as they are able to easily circumvent these complications. You can visit this resource by URB Inc. to get in touch with a prospective buyer.
How Quickly Do You Need to Sell the Home?
A factor that many sellers often neglect is how quickly they need to sell their home. If you need to sell your home within a short period of time and aren’t having much luck with your current asking price, you might need to lower it.
If you find yourself having to go this route, it’s best to lower the price by a small amount at first. Some sellers panic and drop their asking price by tens of thousands of dollars when they could have found a buyer who is willing to pay much more.
So, keep this in mind if the date by which you need to sell your home is approaching.
So, How Do I Know How Much to Sell a House For?
As the above information suggests, it’s recommended that you attempt to sell your home at its market value. If you can’t seem to find a buyer, slightly lowering your asking price may help you complete the sale.
Although the answer to how much to sell a house for will differ for everyone, this is solid info to keep in mind.
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