Putting a fair value on your parent’s home isn’t just a number you pull out of the air. You may look at what they paid for it, or what their mortgage payoff is, and add in a real estate commission with a bit of spare change for profit, but there are several factors involved in pricing a home for market – current home prices, square footage, listing durations and interest rates to name a few. These 5 tips can prepare you for going to market.
1. Sentiment Doesn’t Add Value. You can’t ask more than the market is willing to pay. Period. Yes, maybe you yourself grew up in the house, your parents saved every penny for ten years to be able to put a down payment on it, they added a garage with fresh paint five years ago… Buyers aren’t motivated by emotional or sentimental attachment, so you can’t factor that into the price, and you can’t allow your personal view point to of what is a value to stand in the way of setting the price.
2. Get 2 Price Opinions. It’s in your best interest to get two price opinions from two different Realtors. When you work with Your Next Move, that’s exactly what we do. You get two price opinions and we review them with you to help you select the realtor that will best meet your needs.
3. Be Your Own Research Sleuth. Even though you’re working with a great Realtor, it may be beneficial for you to do your own market research as well so you can assess the price variations within your area, see what upgrades or improvements neighbors have made. What’s appeal to a buyer versus your house? Even though your Realtor is best suited to help you price your parent’s home to sell, it helps to gain a better understanding of all the factors that go into pricing a home.
4. Incentivize. Sometimes extra incentives help your home sell faster, like seller-financing, warranties or other allowances. Some buyers have needs other than the bottom dollar, so if you’re in a position to be flexible and resourceful, it can often help put more money in your pocket.
Your Next Move can help you locate the perfect senior housing for your aging loved one. Our team of relocation specialists are also with you through every step of the transition process including home sale, downsizing, estate sales and moving household goods.
This blog post is brought to you by the team at Your Next Move. If you are interested in further information you may contact us below. LIKE us on Facebook and follow us on Twitter to get the most current communication on the subject of senior relocation. Please join our mailing list.
Your Next Move, Easing Your Senior Transition
Julie Kopetsky, President