In the world of real estate, it is all about location and timing. If you are wanting to sell your house quickly then it pays to be a little strategic with your pricing and how you go about marketing the property. It is important that you think about what the market will bear and not what your current mortgage balance is. Otherwise you will be stuck holding on to the property for many years and potentially taking losses. You can go here https://www.sandiahomebuyers.com/sell-your-house-fast-in-new-mexico/ to learn more.
Very few homeowners understand exactly how much equity they have in their homes. Many think of their home as an investment or a valuable asset to leave behind for family members when they pass on. The same is true of investors who may have lots of equity built up in multiple properties, but simply can’t let go of them because they are afraid they won’t get their money back if they sell.
Inventory the value of your property
The first thing that you need to do prior to selling your home is to create an inventory sheet that lists all of the major assets and cosmetic items that are included in the home. This list should include all of the appliances, furnishings, detail on the well water system and any special fixtures such as granite countertops or high-end cabinetry.
The next thing that you need to do is calculate your replacement cost for each item on the list. How much would it cost you to replace each item. For example, let’s say that your washing machine is ten years old and not working properly. You would add the cost of a new washing machine to the list.
This is an important exercise since you may be giving up something that you have come to enjoy or take for granted. Many times, people will overlook the small things in their homes as they start to think more strategically about selling.
Create a formula for your asking price
Once you have an updated list of what your home is worth and the costs it will take to replace with items, you can begin to calculate how much it will cost for you to sell. This can be done in many ways. Perhaps one of the more useful ways is to look at the average selling price on comparable properties in your area.
The purpose of this formula however, should be that you are pricing your home at an amount that meets somewhere in between these two prices.
