Factors to Consider When Pricing Your Home

Selling Your Grand Rapids Home or Condo

Selling a home in today’s Grand Rapids real estate market can be tough.  There is a lot of inventory and depending on the location of your home or condo, you could have several properties to compete with. As a buyer, it couldn’t be a better time, but as a seller, you will want to make your home stand out and get buyers looking at it. The first place to start is establishing the price.

Pricing

The first place to start is to request a list of recent home sales in your area. You’ll want to look at similar styles of home, bedrooms, bathrooms, square footage. What upgrades, number of garages, etc. If you have a condo, the best comps are those that have sold in the same building or development. How does your Grand Rapids Condo stack up against the competition with regard to amenities, upgrades, parking, location or association fees?

Show-ability

Your home or condo should be neat and tidy when a buyer first walks through. Remove as much clutter as you can, remove nick nacks and pictures from the walls. The kitchen and bathrooms in particular should be spotless and touch up any walls that need touching up.

Interest Rates

Interest Rates have an impact on home sales. When rates are high or rising, demand for housing weakens. When interest rates are low, demand for housing increases. Right now, interest rates are at historic lows but experts project them to climb steadily throughout the year.

Short Sales and Foreclosures

In a normal market, distressed property wouldn’t really have the impact that they currently are having. There is such a large amount of short sales and foreclosures in Grand Rapids, the market can’t help but be affected. In some areas, most of the comps are either short sales or foreclosures. One of the factors not yet felt is the ‘shadow inventory‘. Shadow Inventory is an inventory of homes that are held by the banks and are not yet on the market. When will these be released and how will they affect the market?

We can sell your home or condo. If you would like to have a cup of coffee and talk about the market and what your home would be worth, feel free to email me or call any time.